Securities Lawyers Blog
Investors researching Fortrend Securities, Inc. often want to know about the firm’s regulatory history before deciding whether to speak with a lawyer. This page summarizes the FINRA disciplinary actions in which Fortrend Securities, Inc. was named. The securities fraud attorneys at Gana Weinstein LLP represent investors in claims against brokerage firms and financial advisors for investment fraud, unsuitable investment recommendations, excessive trading, and failure to supervise, and we can review the firm’s record together with your account statements to determine whether you have a claim.
Fortrend Securities is a broker-dealer that conducts retail brokerage in equities, options, mutual funds, government securities and variable products, along with underwriting and proprietary trading. Incorporated in Delaware in 1992, the firm is headquartered in Melbourne, Australia, and is under common control with Fortrend Securities Pty Ltd.
Fortrend Securities, Inc. – By the Numbers:
- CRD #: 32949
- Regulatory Events: 7
- Broker Employees: 2
Fortrend Securities, Inc. – In the News:
FINRA v. Fortrend Securities, Inc. (Case #2021071808101) – From June 30, 2020, to the present, Fortrend Securities willfully failed to comply with Form CRS requirements. The firm failed to timely file and deliver its Form CRS to retail investors. When the firm belatedly filed and delivered its Form CRS, it contained deficiencies, including disclosing the wrong clearing firm and associated fees and charges, and omitting other required information. As a result, Fortrend Securities willfully violated Section 17(a)(1) of the Securities Exchange Act of 1934 and Exchange Act Rule 17a-14, and violated FINRA Rule 2010. In addition, Fortrend Securities failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the firm’s Form CRS obligations, in violation of FINRA Rules 3110 and 2010.
FINRA v. Fortrend Securities, Inc. (Case #2014039056101) – From August 2011 through July 2012, Fortrend Securities charged 15 customers unreasonable amounts for ACAT (Automated Customer Account Transfer) account transfers in violation of NASD Rule 2430 and FINRA Rule 2010. In addition, from November 2012 through September 2014, Fortrend Securities allowed its Australian affiliate to process and hold customer checks for a longer period than is permitted by its claimed exemption from the Customer Protection Rule. Consequently, during this time period, Fortrend Securities failed to maintain accurate net capital calculations and filed FOCUS Reports that inaccurately reported Fortrend’s net capital and required minimum net capital. As a result, Fortrend Securities violated Securities Exchange Act Rules 15c3-3, 17a-3(a)(11), and 17a-5, as well as FINRA Rule 2010.
The FINRA actions described above involve Fortrend Securities, Inc. itself, and investors whose losses are connected to the conduct FINRA identified may have claims against the firm. Gana Weinstein LLP offers free consultations and we welcome all inquiries.