Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Piper Sandler & Co.. 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.
Piper Sandler is an investment bank and broker-dealer serving primarily institutional clients, with activities spanning capital markets, investment banking and advisory services, including portfolio management for investment companies and institutional clients. Headquartered at 350 North 5th Street in Minneapolis, Minnesota, the firm was originally formed in Delaware in 1969.
Piper Sandler & Co. – By the Numbers:
- CRD #: 665
- Regulatory Events: 141
- Arbitration Events: 50
- Broker Employees: 1,262
Piper Sandler & Co. – Investment Advisors:
- SEC #: 108049
- Assets Under Management: $1,284,404,458
- ADV Form Employee: 1,402
Piper Sandler & Co. – In the News:
FINRA v. Piper Sandler & Co. (Case #2023077051701) – Between January 2022 and December 2023, Piper Sandler published public quarterly reports on its handling of customers’ orders in National Market System (NMS) securities that overstated statistical information related to options orders and failed to adequately describe its arrangements for payment for order flow and profit-sharing relationships with certain execution venues. Therefore, the firm violated Rule 606(a) of Regulation NMS and FINRA Rule 2010. During the same period, the firm’s supervisory system, including its written supervisory procedures, was not reasonably designed to achieve compliance with Rule 606(a). As a result, the firm violated FINRA Rules 3110 and 2010. For these violations, the firm is censured and fined $95,000.
FINRA v. Piper Sandler & Co. (Case #2022073887801) – From July 2021 to March 2022, Piper Sandler violated MSRB Rules G-2 and G-3 by permitting an associated person to engage in activities requiring qualification as a municipal securities representative when that individual was not qualified to act in that capacity. During the same period, Piper Sandler also violated MSRB Rule G-27 by failing to establish and maintain a supervisory system, including WSPs, to supervise the municipal securities activities of each registered representative, registered principal, and other associated persons that was reasonably designed to ensure compliance with MSRB Rules G-2 and G-3.
FINRA v. Piper Sandler & Co. (Case #2017055996901) – During the periods April 1, 2017 through June 30, 2018 and October 1, 2019 through December 31, 2019 (collectively, the review period), Piper participated in 34 distributions of securities in which it was late in filing, or failed to file, the notifications required under FINRA Rule 5190, which is in place to monitor compliance with the provisions of Regulation M of the Securities Exchange Act of 1934. These failures were caused by administrative errors, failures to monitor publicly available information that triggers requirements to provide notice, and misunderstandings as to the requirements to provide notice. Piper also failed to establish, maintain, and enforce written supervisory procedures (WSPs) reasonably designed to achieve compliance with FINRA notification requirements. While the firm maintained operational procedures regarding what steps to take when filing Regulation M notifications, it did not conduct any supervisory reviews to ensure that the notifications were filed timely or accurately. As a result, Piper violated FINRA Rules 5190(c)(1)(A), 5190(c)(1)(B), 5190(d), 3110(b) and 2010.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.