Securities Lawyers Blog
Our law firm represents individual and institutional investors that have been mistreated by their brokers and brokerage firms, such as Great Point Capital LLC. Many investors do not recognize broker misconduct in their accounts, and those that do are often hesitant to seek help. Broker misconduct spans many issues that violate industry rules, including unauthorized trading, breach of fiduciary duty, unsuitable asset allocation, and churning. The attorneys at Gana Weinstein LLP can analyze your accounts and investments to determine if there was misconduct in the handling of your account.
Great Point Capital is a broker-dealer that engages in proprietary trading of exchange-traded equities and equity and index options through an in-house day trading desk, and it also handles private placements and wealth management for high-net-worth clients. Formed in Delaware in 2000 and headquartered in Chicago with a second office in Austin, the firm clears through a joint back office arrangement with Wedbush Securities.
Great Point Capital LLC – By the Numbers:
- CRD #: 114203
- Regulatory Events: 13
- Broker Employees: 115
Great Point Capital LLC – In the News:
FINRA v. Great Point Capital LLC (Case #2019064531501) – From January 2018 through the present, Great Point violated FINRA Rules 3110 and 2010 by failing to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with rules prohibiting manipulative trading. Separately, from May 2019 to February 2022, Great Point violated FINRA Rules 3110 and 2010 by failing to reasonably supervise a registered representative’s email communications to customers about investment opportunities that contained misleading, unwarranted, exaggerated, or promissory statements, and by failing to reasonably enforce its procedures for supervisory review of such communications. For these violations, Great Point is censured, fined $250,000, and has agreed to an undertaking.
FINRA v. Great Point Capital LLC (Case #2016051933501) – In Review Nos. 20160519335 and 20170530034, the OATS Compliance Team of the Department of Market Regulation reviewed the firm’s compliance with Order Audit Trail System (“OATS”) reporting requirements during periods from July 1, 2016 through December 31, 2016. During the third quarter of 2016, the firm transmitted to OATS 767,219 Reportable Order Events (“ROEs”) that were rejected for context or syntax errors and were repairable, and the firm failed to repair 366,428 of them (47.76%), so those ROEs were never transmitted to OATS. Of the rejected ROEs the firm did repair, 29,930 were not repaired within the required five business days. As a result, the firm violated FINRA Rule 7450.
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.