Securities Lawyers Blog
The investment fraud lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against broker Lizabeth Ty (Ty). According to BrokerCheck records Ty is subject to three pending customer complaints, while registered with Park Avenue Securities LLC (Park Avenue) in Houston, Texas. The regulatory also filed a complaint against Ty attempting to investigate the circumstances of the sale of claimed unregistered securities. (FINRA No. 20160493150-01). When Ty refused to cooperate with the investigation, FINRA automatically barred Ty from the industry.
According to BrokerCheck records Ty has three customer complaints pending concerning the sales of promissory notes. The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”. At this time it unclear the nature and scope of Ty’s outside business activities and private securities transactions. However, according to Ty’s public records her outside business activities include a real estate license in Texas. Often times, brokers sell promissory notes and other investments through side businesses as accountants, lawyers, or insurance to clients of those side practices.
Ty was associated with brokerage firm Park Avenue from January 2006 until July 2015.