Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as TD Securities (USA) 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.
TD Securities (USA) LLC is the U.S. broker-dealer of TD Securities, providing mergers and acquisitions advice, private placements, debt and equity underwriting, equity research, foreign exchange, commodities, and derivatives services to corporate, government, and institutional clients. Based in New York and registered since 1987, the firm is registered with 27 self-regulatory organizations and in 52 U.S. states and territories.
TD Securities (USA) LLC – By the Numbers:
- CRD #: 18476
- Regulatory Events: 22
- Broker Employees: 1,680
TD Securities (USA) LLC – In the News:
FINRA v. TD Securities (USA) LLC (Case #2023078230701) – For one partial tender offer (PTO) in 2022, Cowen violated the Securities Exchange Act of 1934 Rule 14e-4(b)(1) and FINRA Rule 2010 by over-tendering 100,000 shares in a partial tender offer of Company 1. In addition, from October 2022 through May 2024, Cowen violated FINRA Rules 3110 and 2010 by failing to have a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Exchange Act Rule 14e-4. For these violations, Cowen is censured, fined $80,000, of which $40,000 will be paid to FINRA.
FINRA v. TD Securities (USA) LLC (Case #2018059279201) – From July 2017 through May 2019, TD Securities (USA), through a former trader who worked on, and later became the head of, the firm’s U.S. Treasury trading desk, engaged in 813 instances of “spoofing” in U.S. Treasury securities markets. Spoofing is a type of fraudulent trading activity that involves placing non-bona fide orders to create the false appearance of market activity on one side of the market to induce other market participants to execute against bona fide orders entered on the opposite side of the market in the same security or a correlated product. As a result, TD Securities (USA) violated FINRA Rule 2010. Additionally, from at least July 2017 through June 2021, TD Securities (USA) failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to detect spoofing in U.S. Treasury securities. TD Securities (USA) also failed to reasonably investigate the trader’s activity after receiving an internal surveillance alert and an inquiry from an external electronic trading platform regarding the trader’s potential spoofing. As a result, TD Securities (USA) violated FINRA Rules 3110 and 2010.
FINRA v. TD Securities (USA) LLC (Case #2016051885601) – In connection with matter 20160518856, the Fixed Income staff of FINRA’s Department of Market Regulation reviewed the firm’s reporting to the Trade Reporting and Compliance Engine (“TRACE”) during the period from July 1 through September 30, 2016. During the review period, the firm failed to report to TRACE 87 transactions in TRACE-eligible Agency Debt Securities within 15 minutes of execution. These transactions constituted 3.43 percent of the transactions in TRACE-eligible securities that the firm reported to TRACE during the review period. The conduct constitutes separate and distinct violations of FINRA Rule 6730(a) and a pattern or practice of late reporting without exceptional circumstances in violation of FINRA Rule 2010.
FINRA v. TD Securities (USA) LLC (Case #2015043313001) – Over the 13-month period from February 2014 through February 2015 (the “Relevant Period”), TDS failed to adequately conduct reviews or document its reviews of emails sent and received by employees in six of the Firm’s business groups (the “Six Business Groups”).
Gana Weinstein LLP has successfully litigated broker disputes through verdict or settlement. We represent both individuals and institutions throughout the country in FINRA arbitration, as well as commercial litigation in state and federal courts. Our consultations are both free and thorough and our securities litigation attorneys can help you uncover wrongful activity in your account.