Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Jefferies LLC. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
Jefferies LLC is the main U.S. broker-dealer of Jefferies, an independent investment banking and capital markets firm providing equity and debt capital markets, mergers and acquisitions, restructuring, institutional brokerage, and research. Headquartered in New York, Jefferies has more than 45 offices around the world across the Americas, Europe, the Middle East, and Asia Pacific.
Jefferies LLC – By the Numbers:
- CRD #: 2347
- Regulatory Events: 133
- Arbitration Events: 4
- Broker Employees: 2,206
Jefferies LLC – In the News:
FINRA v. Jefferies LLC (Case #2022075850501) – Between September 2009 and July 2022, Jefferies inaccurately calculated its customer and proprietary accounts of broker-dealers (PAB) reserve formula computations, as required by § 15(c) of the Securities Exchange Act of 1934 and Exchange Act Rule 15c3-3, resulting in 136 customer reserve hindsight deficiencies and three PAB reserve hindsight deficiencies. This caused the firm to maintain inaccurate books and records and file inaccurate FOCUS reports. As a result, Jefferies violated Exchange Act §§ 15(c) and 17(a), Exchange Act Rules 15c3-3(e), 17a-4, and 17a-5(a), NASD Rule 3110, and FINRA Rules 4511 and 2010. Between September 2009 and July 2022, Jefferies failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Exchange Act § 15(c) and Exchange Act Rule 15c3-3(e), in violation of NASD Rule 3010, and FINRA Rules 3110 and 2010. For these violations, Jefferies is censured and fined $1,000,000.
FINRA v. Jefferies LLC (Case #2020066386503) – From at least January 2018 through September 2022, Jefferies’s supervisory system, including written supervisory procedures, was not reasonably designed to achieve compliance with Regulation M in violation of FINRA Rules 3110 and 2010.
FINRA v. Jefferies LLC (Case #2017054588101) – Between February 22 and 23, 2016, and between October 2016 and October 2017, Jefferies Execution Services, Inc. (Jefferies) failed to take reasonable steps to establish that the intermarket sweep orders (ISOs) it routed met the requirements set forth in Rule 600(b)(30) of Regulation National Market System (NMS) of the Securities Exchange Act of 1934 (Exchange Act), in violation of Exchange Act Rule 611(c) and FINRA Rule 2010. In addition, between February 2016 and October 2017, Jefferies failed to establish and maintain a supervisory system, and failed to establish, maintain, and enforce written supervisory procedures (WSPs), reasonably designed to achieve compliance with Exchange Act Rule 611(c), in violation of FINRA Rules 3110 and 2010.
FINRA v. Jefferies LLC (Case #2018060219201) – From August 1, 2018 through October 31, 2018, and June 1, 2019 through November 30, 2019, Jefferies violated FINRA Rules 6730 and 2010 by failing to timely report to TRACE 4,039 total transactions in TRACE-eligible corporate debt securities (corporates) due to delays related to a manual reporting process, operational errors and delays by firm personnel, and untimely amendments to trade terms.
FINRA v. Jefferies LLC (Case #2016048836101) – In 20160488361, the staff in the Trade Reporting and Compliance Engine (“TRACE”) Section of Market Regulation conducted a review to determine whether the firm was in compliance with its TRACE reporting obligations pursuant to FINRA Rule 6730(a) during the period October 1, 2015 through December 31, 2015 (the “review period”). As a result of this review, FINRA determined that the firm violated FINRA Rules 6730(a), 3110 and 2010. During the review period, the firm failed to timely report to TRACE 100 transactions in TRACE-eligible corporate securities. The conduct described in this paragraph constitutes separate and distinct violations of FINRA Rule 6730(a) and a pattern or practice of late reporting without exceptional circumstances in violation of FINRA Rule 2010.
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.