Securities Lawyers Blog
Financial advisor complaints, broker complaints, and FINRA customer disputes are public on BrokerCheck, and a broker’s regulatory history is often the first thing an investor checks after an unexpected loss. The investor attorneys at Gana Weinstein LLP help customers of firms such as Joseph Gunnar & Co. LLC understand what a financial advisor’s disciplinary history means and whether their own losses support a claim against the broker or the brokerage firm.
Joseph Gunnar and Company is a full-service broker-dealer offering retail and institutional brokerage, market making, underwriting, municipal securities, options and investment advisory services. Formed in Delaware in 1997 and headquartered at RXR Plaza in Uniondale, New York, the firm is owned by Joseph Gunnar Holding Company and is a member of the New York Stock Exchange, NYSE American and Nasdaq.
Joseph Gunnar & Co. LLC – By the Numbers:
- CRD #: 24795
- Regulatory Events: 5
- Arbitration Events: 13
- Broker Employees: 40
Joseph Gunnar & Co. LLC – In the News:
FINRA v. Joseph Gunnar & Co. LLC (Case #2024080120501) – From at least February 2023 through August 2024, Gunnar violated Regulation Best Interest (Reg BI) and FINRA Rules 3110 and 2010 by failing to establish, maintain, and enforce a reasonable supervisory system, including written policies and procedures, to achieve compliance with Reg BI’s Care Obligation, as that rule relates to excessive trading. For these violations, Gunnar is censured and fined $100,000.
FINRA v. Joseph Gunnar & Co. LLC (Case #2019060648401) – From August 2018 to September 2022, Joseph Gunnar charged a minimum commission of $100 on equity transactions, which resulted in the firm charging an unfair commission on 1,683 equity transactions. During the same period, Joseph Gunnar also failed to establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA Rule 2121. As a result, Joseph Gunnar violated FINRA Rules 2121, 3110, and 2010. In addition, from June 2020 to August 2023, Joseph Gunnar failed to file offering documents with FINRA in connection with 14 private placements, in violation of FINRA Rules 5123 and 2010.
FINRA v. Joseph Gunnar & Co. LLC (Case #2018056487101) – From May 10, 2017 through June 1, 2018, the firm failed to establish and implement an anti-money laundering (AML) program reasonably designed to detect and cause the reporting of potentially suspicious activity relating to transactions involving low-priced securities. As a result, the firm violated FINRA Rules 3310(a) and 2010. During the relevant period, the firm also failed to establish a due diligence program including policies, procedures, and controls reasonably designed to detect and report, on an ongoing basis, any known or suspected money laundering activity conducted through or involving correspondent accounts for foreign financial institutions (FFIs). As a result, the firm violated FINRA Rules 3310(b) and 2010.
FINRA v. Joseph Gunnar & Co. LLC (Case #2013039507102) – From approximately January 2010 through January 2015 (the “Relevant Period”), the Firm failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to prevent unsuitable trading in certain customer accounts of AS, one of the Firm’s top-producing registered representatives, in violation of NASD Rules 3010(a) and 3010(b), and FINRA Rules 3110(a), 3110(b), and 2010.
Our broker misconduct attorneys have successfully pursued FINRA arbitration claims against brokerage firms large and small. If your financial advisor at Joseph Gunnar & Co. LLC lost your money, contact Gana Weinstein LLP for a free, no obligation consultation.