Securities Lawyers Blog
The investment fraud lawyers at Gana Weinstein LLP represent investors nationwide in FINRA arbitration claims against brokerage firms such as Sanctuary Securities, Inc. Retirement account losses, structured product losses, private placement losses, and losses in non-traded REITs and other alternative investments are frequently the result of unsuitable recommendations rather than ordinary market risk. Our attorneys can analyze your investments, determine whether your broker or financial advisor acted improperly, and pursue recovery of your losses.
Sanctuary Securities is an independent broker-dealer that provides brokerage, wealth management and advisory services to clients of the Sanctuary Wealth network of independent advisory practices. Founded in 1978 as David A. Noyes and Company in Illinois, the firm is part of the Sanctuary Wealth platform launched in 2018 and lists its main office in Miami, Florida.
Sanctuary Securities, Inc. – By the Numbers:
- CRD #: 205
- Regulatory Events: 21
- Arbitration Events: 9
- Broker Employees: 447
Sanctuary Securities, Inc. – In the News:
FINRA v. Sanctuary Securities, Inc. (Case #2023077024501) – From January 2022 to July 2024, Sanctuary Securities failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act (31 U.S.C. § 5311, et seq.) (BSA) and its implementing regulations. In addition, the firm failed to conduct an adequate independent test of its AML program in 2022. As a result, Sanctuary Securities violated FINRA Rules 3310 and 2010. For these violations, Sanctuary Securities is censured, fined $150,000, and agreed to an undertaking to certify that it has remediated its AML policies and procedures.
FINRA v. Sanctuary Securities, Inc. (Case #2019061213701) – Between June 8, 2018, and June 29, 2018, the firm negligently failed to tell eight investors in two offerings related to GPB Capital Holdings, LLC (GPB Capital) that the issuers failed to timely make required filings with the Securities and Exchange Commission, including filing audited financial statements. By virtue of the foregoing, Sanctuary violated FINRA Rule 2010.
FINRA v. Sanctuary Securities, Inc. (Case #2019060694201) – From January 1, 2014 through December 31, 2018, Respondent failed to establish and maintain a supervisory system, including written procedures, reasonably designed to achieve compliance with FINRA Rule 2111 in relation to the solicited sales of inverse and leveraged exchange traded funds (collectively Non-Traditional ETFs or NT-ETFs) in that the firm’s supervisory system was not sufficiently tailored to address the unique features and risks of these products. Therefore, Respondent violated FINRA Rule 3110 and its predecessor, NASD Rule 3010, as well as FINRA Rule 2010. From January 2017 through January 2019, the firm failed to review and evaluate the outside business activities of approximately 15 of its registered representatives, in violation of FINRA Rules 3270.01 and 2010. From January through December 2018, the firm distributed sales materials in connection with three private placement offerings that contained prohibited performance projections, in violation of FINRA Rules 2210(d)(1)(F) and 2010. From June 2018 through June 2019, the firm failed to file offering documents with FINRA related to eight private placements sold by the firm’s registered representatives, in violation of FINRA Rules 5123 and 2010. Finally, between April and August 2019, the firm failed to terminate an offering of securities that did not meet a minimum contingency requirement under the terms of a private placement memorandum and return funds to investors, in contravention of Rule 10b-9 of the Securities Exchange Act of 1934. Therefore, the firm willfully violated Exchange Act Rule 10b-9 and FINRA Rule 2010.
FINRA arbitration is faster and less formal than court, and most claims against brokerage firms such as Sanctuary Securities, Inc. are resolved there. The securities arbitration attorneys at Gana Weinstein LLP can explain how to file a FINRA claim and what to expect. Our consultations are free and we welcome all inquiries.