Securities Lawyers Blog
Elder financial abuse, unauthorized trading, churning, and broker theft are among the most serious forms of broker misconduct, and they can occur at brokerage firms of every size. The investor attorneys at Gana Weinstein LLP represent individuals and families who have suffered investment losses because of a dishonest or negligent financial advisor, including customers of firms such as First Southern, LLC. We review account activity, identify misconduct, and bring FINRA arbitration claims to recover what was lost.
First Southern is a boutique broker-dealer offering investment banking and brokerage services to individual and institutional clients, with particular strength in fixed income, Latin American sovereign debt and foreign exchange trading. Organized in Puerto Rico in 2016 and headquartered in Guaynabo, the firm also operates from Atlanta, serves clients throughout the United States and Puerto Rico, and clears through BNY Pershing.
First Southern, LLC – By the Numbers:
- CRD #: 282756
- Regulatory Events: 3
- Arbitration Events: 1
- Broker Employees: 47
First Southern, LLC – In the News:
FINRA v. First Southern, LLC (Case #2021069348401) – Since June 30, 2020, First Southern has failed to establish, maintain, and enforce written policies and procedures and a supervisory system reasonably designed to achieve compliance with Regulation Best Interest in violation of Securities Exchange Act Rule 15l-1(a)(1), MSRB Rule G-27, and FINRA Rules 3110 and 2010. Additionally, since January 2020, First Southern has not accurately calculated its net capital, has filed at least 29 inaccurate FOCUS reports, and has failed to reasonably supervise those financial activities in violation of Section 17(a) of the Exchange Act, Exchange Act Rules 17a-3 and 17a-5, MSRB Rules G-8(a)(x) and G-27, and FINRA Rules 3110 and 2010. Finally, between November 2017 and December 2021, First Southern failed to timely and accurately report approximately 5,000 transactions to the MSRB’s Real-time Transaction Reporting System (RTRS) and failed to reasonably supervise that reporting in violation of MSRB Rules G-14 and G-27.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms, including firms such as First Southern, LLC. Our consultations are free and we welcome all inquiries.