Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Planmember Securities Corporation. 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.
PlanMember Securities Corporation is an independent broker-dealer and investment adviser that creates and distributes retirement plan solutions, specializing in fee-based 403(b), 457(b), and 401(k) programs for nonprofit and for-profit employers, associations, unions, and their members. Founded in 1982 and based in Carpinteria, California, the firm is considered one of the 25 largest independent broker-dealers and serves employer groups across the country.
Planmember Securities Corporation – By the Numbers:
- CRD #: 11869
- Regulatory Events: 5
- Broker Employees: 559
Planmember Securities Corporation – Investment Advisors:
- SEC #: 39177
- Assets Under Management: $10,120,552,229
- ADV Form Employee: 429
Planmember Securities Corporation – In the News:
FINRA v. Planmember Securities Corporation (Case #2015047824201) – At times between July 2012 and June 2016, Planmember failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (“WSPs”), reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable NASD and FINRA rules, with respect to four aspects of its business: (1) the review of variable annuity exchanges; (2) the review, approval, and retention of consolidated reports; (3) the review of email and customer correspondence; and (4) the review of its registered representatives’ business-related websites and social media. As a result, the firm violated: NASD Rule 3010 (for conduct occurring prior to December 1, 2014), FINRA Rule 3110 (for conduct occurring on or after December 1, 2014), FINRA Rule 2330(d)(1), NASD Rule 2210 (for conduct occurring prior to February 4, 2013), FINRA Rule 2210 (for conduct occurring on or after February 4, 2013), and FINRA Rule 2010.
FINRA v. Planmember Securities Corporation (Case #2016049183101) – In Review No. 20160491831, the staff of FINRA’s Department of Market Regulation (“the staff”) conducted a Municipal Bond Fair Pricing Review for the time period October 1, 2015 through December 31, 2015 (“the review period”). During the review period, the firm committed municipal securities fair pricing and related supervision violations, in violation of Municipal Securities Rulemaking Board (“MSRB”) Rules G-17, G-27, and G-30.
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.