Securities Lawyers Blog
Retirement savers who have suffered IRA investment losses or other retirement account losses often have claims they are not aware of. Brokerage firms such as IBN Financial Services, Inc. owe their customers a duty of care, and a breach of fiduciary duty, a breach of contract, or negligent supervision of a financial advisor can make a firm liable for the resulting losses. The investment loss lawyers at Gana Weinstein LLP represent retirees and other investors in FINRA arbitration claims to recover those losses.
IBN Financial Services is an independent broker-dealer and registered investment adviser offering brokerage, financial planning, portfolio management and insurance services to individuals, high net worth clients, retirement plans and small businesses. Organized in New York, the individually owned firm is headquartered in Liverpool, New York, near Syracuse.
IBN Financial Services, Inc. – By the Numbers:
- CRD #: 42360
- Regulatory Events: 9
- Broker Employees: 55
IBN Financial Services, Inc. – Investment Advisors:
- SEC #: 111848
- Assets Under Management: $87,653,250
- ADV Form Employee: 52
IBN Financial Services, Inc. – In the News:
FINRA v. IBN Financial Services, Inc. (Case #2022076855801) – From January 2019 through February 2021, IBN and Evans failed to reasonably supervise, and IBN failed to enforce written policies and procedures reasonably designed to achieve compliance with Regulation Best Interest (Reg BI) with respect to, a registered representative’s recommendations of alternative investments to two retail customers. Accordingly, IBN and Evans violated FINRA Rules 3110 and 2010, and from June 30, 2020 through February 2021, IBN willfully violated Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 and violated FINRA Rule 2010 by failing to comply with the Compliance Obligation of Reg BI.
FINRA v. IBN Financial Services, Inc. (Case #2022075812301) – From March 2021 to June 2022, IBN failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to ensure it evaluated whether its registered persons’ proposed outside business activities constituted outside securities activities. During this period, IBN knew that two of its registered representatives were engaged in outside business activities that involved investment funds and private placement offerings, but the firm did not evaluate whether the activity constituted an outside securities activity. As a result, IBN violated FINRA Rules 3110, 3270.01, and 2010.
FINRA v. IBN Financial Services, Inc. (Case #2019061214401) – Between June 8, 2018, and June 29, 2018, IBN negligently omitted to tell eight investors in two offerings related to GPB Capital Holdings, LLC (GPB Capital) that the issuer failed to timely make required filings with the Securities and Exchange Commission, including filing audited financial statements. By virtue of the foregoing, IBN violated FINRA Rule 2010.
FINRA v. IBN Financial Services, Inc. (Case #2016049862001) – On several occasions from December 2015 through September 2016 (the “Relevant Period”), IBN conducted a securities business while failing to maintain its required minimum net capital in violation of Section 15(c) of the Securities Exchange Act of 1934 (the “Exchange Act”), Exchange Act Rule 15c3-1 thereunder, and FINRA Rule 2010.
If you have suffered investment losses at IBN Financial Services, Inc., the FINRA arbitration attorneys at Gana Weinstein LLP can review your accounts and tell you whether you have a claim. Our consultations are free and we welcome all inquiries.