Securities Lawyers Blog
How long does FINRA arbitration take? How much does FINRA arbitration cost? What damages can I recover in FINRA arbitration? Investors with losses at firms such as Fortune Financial Services, Inc. ask the securities arbitration lawyers at Gana Weinstein LLP these questions before deciding whether to file a FINRA claim. Our attorneys answer them in a free consultation, explain how long you have to file FINRA arbitration, and tell you candidly whether your case is worth pursuing.
Fortune Financial Services is a limited purpose broker-dealer that offers mutual funds, variable annuities, variable life and indexed annuities to individual investors through independent contractor financial professionals. Organized in Pennsylvania in 1996, the privately owned firm is headquartered in Monaca, Pennsylvania.
Fortune Financial Services, Inc. – By the Numbers:
- CRD #: 42150
- Regulatory Events: 4
- Broker Employees: 249
Fortune Financial Services, Inc. – In the News:
FINRA v. Fortune Financial Services, Inc. (Case #2020065435403) – From July 2016 through July 2021, Fortune’s supervisory system, including its written supervisory procedures, was not reasonably designed to achieve compliance with FINRA suitability requirements regarding the recommendation of variable annuities. The firm also failed to reasonably respond to red flags indicating unsuitable variable annuity recommendations. Based on the foregoing, Fortune violated FINRA Rules 3110, 2330, and 2010. From September 2017 through November 2020, Fortune failed to reasonably supervise the use of an unapproved email address to transmit securities-related documents to Fortune’s customers and failed to retain business-related email communications. Based on the foregoing, Fortune violated FINRA Rule 3110, Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a-4, and FINRA Rules 4511 and 2010.
FINRA disciplinary actions against a brokerage firm rarely tell the whole story of how customers were affected. If you were a customer of Fortune Financial Services, Inc. during the periods described above, the FINRA attorneys at Gana Weinstein LLP can determine whether you have a claim. Our consultations are free.