Securities Lawyers Blog
The investment fraud lawyers at Gana Weinstein LLP represent investors nationwide in FINRA arbitration claims against brokerage firms such as Supreme Alliance LLC. 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.
Supreme Alliance is an independent broker-dealer and insurance broker that provides financial planning, portfolio management for individuals and small businesses, adviser selection, and pension consulting services. Organized in Delaware in 1998, the firm is headquartered in Charlotte, North Carolina, and primarily serves individual and high net worth clients.
Supreme Alliance LLC – By the Numbers:
- CRD #: 45348
- Regulatory Events: 6
- Broker Employees: 42
Supreme Alliance LLC – Investment Advisors:
- SEC #: 108980
- Assets Under Management: $35,314,242
- ADV Form Employee: 16
Supreme Alliance LLC – In the News:
FINRA v. Supreme Alliance LLC (Case #2020065125001) – Between September 2019 and May 2022, Supreme Alliance failed to establish and maintain a supervisory system and written supervisory procedures reasonably designed to supervise recommendations of purchases and exchanges of deferred variable annuities and supervise the conduct and documentation of investigations into newly hired registered representatives for compliance with FINRA Rule 3110(e). Further, the firm failed to surveil for inappropriate rates of variable annuity exchanges. Accordingly, the firm violated Exchange Act Rule 15l-1(a)(1), for conduct postdating June 30, 2020, and FINRA Rules 3110(a), (b), (e), 2330(c)-(d), and 2010. For these violations, Supreme Alliance is censured and fined $80,000.
FINRA v. Supreme Alliance LLC (Case #2019062898302) – Between November 20, 2013, to the present, Supreme Alliance failed to develop and implement a written Identity Theft Prevention Program (the Program) reasonably designed to detect, prevent, and mitigate identity theft in connection with opening or maintaining customer accounts. The firm’s Program failed to include reasonable policies and procedures to identify or detect red flags of identity theft, and its procedures for responding to suspected identity theft were not tailored to its business. Moreover, upon learning of an email security breach involving the firm email account of the firm’s CEO and CCO, Supreme Alliance failed to implement the procedures set forth in its Program to mitigate the risk of identity theft due to the exposure of its customers’ identifying information to an unauthorized third party. Based on the foregoing, Supreme Alliance violated Regulation S-ID and FINRA Rule 2010, which requires a FINRA member, in the conduct of its business, to observe high standards of commercial honor and just and equitable principles of trade.
FINRA v. Supreme Alliance LLC (Case #2016050050701) – Supreme Alliance failed to establish, maintain, and enforce a supervisory system reasonably designed to ensure compliance with applicable securities laws and regulations, and with applicable FINRA Rules, in several areas of its business. Supreme Alliance representatives disclosed outside business activities (OBAs) to the firm between February 2015 and June 2016, but the firm failed to document that it evaluated the OBAs or determined whether the outside activity should properly be characterized as private securities transactions (PSTs), as required by FINRA Rule 3270.01. As a result, the firm failed to record over 1,000 PSTs of two registered representatives, SK and DK, on the books and records of the firm, and failed to supervise those PSTs as if the transactions had been executed on behalf of the firm, as required by FINRA Rule 3280 (on and after September 21, 2015) and NASD Rule 3040 (prior to September 21, 2015).
If you are looking to recover stock market losses or recover losses from a financial advisor at Supreme Alliance LLC, Gana Weinstein LLP represents investors in FINRA arbitration and litigation against brokerage firms nationwide. Our consultations are free.