Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Revere Securities LLC. 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.
Revere Securities is a broker-dealer that executes principal and agency trades in listed and over-the-counter securities and provides investment advisory, investment banking, and annuity sales services. Headquartered in New York City with offices in Florida and Massachusetts, the firm is a wholly owned subsidiary of Revere Investment Holdings and is affiliated with Revere Capital Advisors and Revere Wealth Management.
Revere Securities LLC – By the Numbers:
- CRD #: 14178
- Regulatory Events: 14
- Arbitration Events: 3
- Broker Employees: 34
Revere Securities LLC – In the News:
FINRA v. Revere Securities LLC (Case #2021069142301) – Between April 2013 and February 2023, Revere mismarked approximately 19,000 order tickets as unsolicited when, in fact, nearly all the transactions were solicited. Accordingly, Revere maintained inaccurate books and records in violation of Section 17(a) of the Securities Exchange Act of 1934, Rule 17a-3 thereunder, and FINRA Rules 4511 and 2010. As a result, Revere is censured and fined $125,000.
FINRA v. Revere Securities LLC (Case #2017052480701) – Revere failed to accurately report municipal securities transactions to the RTRS and failed to maintain reasonably designed written supervisory procedures (“WSPs”) related to municipal securities from July 7, 2016 through June 28, 2017 (the “Relevant Period”).
FINRA v. Revere Securities LLC (Case #2014039396101) – From April 2013 through January 2014 (the “Relevant Period”), Respondents failed to develop and implement an anti-money laundering (“AML”) program that was reasonably designed to achieve and monitor the Firm’s compliance with requirements of the Bank Secrecy Act and the implementing regulations thereunder. In particular, the Firm failed to establish and implement policies and procedures that could be reasonably expected to detect and cause the reporting of potentially suspicious activity relating to transactions involving the deposit and liquidation of millions of shares of microcap stocks. Based on this misconduct, Respondents violated FINRA Rules 3310(a) and 2010. During the Relevant Period, Respondents also failed to establish a supervisory system that was reasonably designed to achieve compliance with Section 5 of the Securities Act of 1933 (the “Securities Act”). Based on this misconduct, Respondents violated NASD Conduct Rule 3010(a) and FINRA Rule 2010. In addition, during the Relevant Period, Revere violated Section 15(h) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and the rules thereunder (the “Penny Stock Rules”) by failing to meet the documentation requirements related to microcap stock transactions. Relatedly, Revere violated NASD Conduct Rule 3010(a) and FINRA Rule 2010 by failing to establish a supervisory system that was reasonably designed to achieve compliance with the Penny Stock Rules.
FINRA v. Revere Securities LLC (Case #2015046455501) – During the review period, the firm: (1) failed to report the correct Time of Trade to the Real-time Transaction Reporting System (“RTRS”) in 62 reports of municipal securities; and (2) failed to report information about these 62 transactions within 15 minutes of Time of Trade to an RTRS Portal. These transactions constituted 3.20 percent of the total number of inter-dealer transactions that the firm reported to the RTRS during the review period. The conduct described in this paragraph constitutes separate and distinct violations of MSRB Rule G-14. The firm failed to record the correct time of trade execution on the memorandum of 52 transactions in municipal securities. The conduct described in this paragraph constitutes separate and distinct violations of MSRB Rule G-8.
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.