Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP represent investors in their disputes with brokerage firms, such as Citizens Securities, Inc.. Our firm can analyze your accounts and investments in order to determine if there was any broker misconduct in the handling of your accounts. Our analysis can reveal whether an investor has been a victim of misconduct such as unsuitable investments, unauthorized trading, excessive trading, or investment fraud.
Citizens Securities is the broker-dealer and investment adviser of Citizens Bank, providing brokerage, mutual funds, investment advisory programs, and insurance products to the bank’s retail and wealth clients. Operating since 1996 from Providence, Rhode Island, the firm is a subsidiary of Citizens Financial Group, a regional bank holding company with roughly $220 billion in assets.
Citizens Securities, Inc. – By the Numbers:
- CRD #: 39550
- Regulatory Events: 16
- Arbitration Events: 6
- Broker Employees: 991
Citizens Securities, Inc. – Investment Advisors:
- SEC #: 61902
- Assets Under Management: $12,868,719,975
- ADV Form Employee: 471
Citizens Securities, Inc. – In the News:
FINRA v. Citizens Securities, Inc. (Case #2016049977401) – Between January 1, 2011, and November 1, 2016 (the “Relevant Period”), Citizens disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge (“Eligible Customers”). These Eligible Customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses. During this period, Citizens failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that Eligible Customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. As a result, Citizens violated NASD Conduct Rule 3010 (for misconduct before December 1, 2014), FINRA Rule 3110 (for misconduct on or after December 1, 2014), and FINRA Rule 2010.
FINRA v. Citizens Securities, Inc. (Case #2016047706701) – From January 2010 through June 2016 (the “Relevant Period”), CSI failed to timely amend associated persons’ Uniform Applications for Securities Industry Registration or Transfer (“Forms U4”) and Uniform Termination Notices for Securities Industry Registration (“Forms U5”) to report customer complaints and other disclosable events, in violation of Article V, Sections 2 and 3 of FINRA’s By-Laws and FINRA Rule 2010. Additionally, CSI failed to establish and maintain a supervisory system reasonably designed to ensure the timely reporting of disclosable events, in violation of NASD Rule 3010 and FINRA Rules 2010 and 3110.
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.