Securities Lawyers Blog
A FINRA disciplinary action against a brokerage firm resolves the regulator’s case, not the customers’ losses. Investors who held accounts at Osaic Institutions, Inc. during the periods covered by the actions below may have claims of their own. The securities arbitration attorneys at Gana Weinstein LLP represent investors in FINRA arbitration against brokerage firms and can review your accounts, free of charge, to tell you whether the conduct FINRA described affected you.
Osaic Institutions is a broker-dealer that builds and supports investment and wealth management programs for banks and credit unions, offering brokerage, advisory platforms, technology and access to institutional money managers. Founded in 1993 by a group of community banks together with the Connecticut Bankers Association and based in Meriden, Connecticut, the firm is part of Osaic, one of the largest independent wealth management networks in the United States.
Osaic Institutions, Inc. – By the Numbers:
- CRD #: 35371
- Regulatory Events: 9
- Broker Employees: 704
Osaic Institutions, Inc. – Investment Advisors:
- SEC #: 67242
- Assets Under Management: $6,494,001,878
- ADV Form Employee: 1,839
Osaic Institutions, Inc. – In the News:
FINRA v. Osaic Institutions, Inc. (Case #2023077031601) – Infinex’s anti-money laundering (AML) program is not reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act (BSA) and its implementing regulations in multiple respects. Since September 2021, the firm has failed to establish and implement policies and procedures reasonably expected to detect and cause the reporting of suspicious transactions. Prior to December 2024, the firm also failed to review or timely review AML exception reports that the firm relied on to detect potentially suspicious trades and money movements for potential suspicious activity report (SAR) filings. Additionally, since September 2021, Infinex has failed to include in its AML program risk-based procedures for conducting ongoing customer due diligence. For these violations of FINRA Rules 3310 and 2010, Infinex has agreed to a censure, a $650,000 fine, and an undertaking.
Gana Weinstein LLP represents investors in disputes over stock market investment losses, unsuitable investments, and failure to supervise at firms across the country, including customers of Osaic Institutions, Inc. Call us for a free consultation and a candid assessment of your claim.