Securities Lawyers Blog
Stockbroker fraud and financial advisor negligence cost investors billions of dollars every year. The stockbroker fraud attorneys at Gana Weinstein LLP represent investors in FINRA arbitration claims involving misrepresentation, omissions, excessive commissions, and overconcentration of investment portfolios, including claims by customers of firms such as Financial Security Management, Incorporated. We can determine whether your investment losses were caused by misconduct and what damages may be recovered.
Financial Security Management is a retail broker-dealer that offers transaction-based brokerage accounts with a limited selection of mutual funds and annuities, along with education planning, retirement planning and cash management recommendations. Organized in Virginia in 1997, the firm is headquartered in Virginia Beach and works alongside its affiliated advisory firm, Financial Security Advisory.
Financial Security Management, Incorporated – By the Numbers:
- CRD #: 43000
- Regulatory Events: 1
- Broker Employees: 37
Financial Security Management, Incorporated – In the News:
FINRA v. Financial Security Management, Incorporated (Case #2021069393901) – Between March 2019 and February 2021, FSM violated FINRA Rules 3310(b) and 2010 by failing to establish and implement policies, procedures, and internal controls reasonably designed to achieve compliance with the Bank Secrecy Act (BSA) and implementing regulations. During this period, the firm failed to search its records in response to information requests from the Financial Crimes Enforcement Network of the Department of the Treasury (FinCEN) pursuant to Section 314(a) of the USA PATRIOT Act and implementing regulation 31 C.F.R. § 1010.520 (314(a) requests). Additionally, between at least 2017 and 2020, FSM violated FINRA Rules 3310(c) and 2010 by failing to conduct annual independent testing of its anti-money laundering (AML) compliance program.
The securities fraud attorneys at Gana Weinstein LLP have represented investors throughout the country in claims against brokerage firms and stockbrokers. If you have questions about how to file FINRA arbitration against a brokerage firm such as Financial Security Management, Incorporated or what damages you can recover, call us for a free consultation.