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 Madison Avenue Securities, LLC 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.
Madison Avenue Securities is an independent broker-dealer and registered investment adviser offering brokerage, financial planning, portfolio management, pension consulting and third-party manager selection, with roots in supervising representatives who sell indexed annuities. Created as a broker-dealer subsidiary of the insurance marketing organization Asset Marketing Systems, the firm is headquartered in San Diego, California.
Madison Avenue Securities, LLC – By the Numbers:
- CRD #: 23224
- Regulatory Events: 8
- Arbitration Events: 1
- Broker Employees: 294
Madison Avenue Securities, LLC – Investment Advisors:
- SEC #: 69919
- Assets Under Management: $2,019,427,633
- ADV Form Employee: 125
Madison Avenue Securities, LLC – In the News:
FINRA v. Madison Avenue Securities, LLC (Case #2023077021301) – From January 2020 to the present, Madison Avenue distributed or made available to customers consolidated reports containing inaccurate information, or omitting material information, about whether certain assets were held away from the firm, in violation of FINRA Rules 2210(d)(1) and 2010. The firm additionally failed to maintain records of which consolidated reports were distributed or made available to customers, in violation of FINRA Rule 4511, Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a–4(b)(4), and FINRA Rule 2010. The firm also failed to design and implement a reasonable supervisory system to review and retain consolidated reports, in violation of FINRA Rules 3110 and 2010. For these violations, Madison Avenue is censured, fined $125,000, and has agreed to an undertaking.
FINRA v. Madison Avenue Securities, LLC (Case #2019061187802) – From January 2016 through December 2018, Madison Avenue failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to supervise the suitability of mutual fund transactions executed through its clearing firm, particularly with respect to potential available sales charge discounts. Based on the foregoing, Madison Avenue violated FINRA Rules 3110 and 2010.
FINRA v. Madison Avenue Securities, LLC (Case #2015043246601) – From July 2013 through March 2014, Respondent failed to have either written procedures or a supervisory system in place pertaining to the creation and dissemination of consolidated reports. Respondent implemented procedures in March 2014, but they were not consistently enforced and did not provide for verification of manually entered account assets or valuation information, and approximately 2,300 consolidated reports were neither reviewed nor retained. By failing to adequately supervise the creation and dissemination of consolidated reports, Respondent violated NASD Rule 3010, FINRA Rule 3110, and FINRA Rule 2010.
A brokerage firm’s regulatory history is often important evidence in a FINRA arbitration claim. If you lost money at Madison Avenue Securities, LLC, the securities arbitration attorneys at Gana Weinstein LLP can review the firm’s record alongside your accounts, free of charge.