Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as Tradition Securities and Derivatives LLC. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
Tradition Securities and Derivatives is a broker-dealer focused on trade execution, including a preferred equity desk that handles new issues and secondary trading for retail and institutional broker-dealers. Formed in Delaware in 1989 and based at 32 Old Slip in New York, the firm is a member of the New York Stock Exchange, FINRA and SIPC and is one of the brands of the Compagnie Financiere Tradition group.
Tradition Securities and Derivatives LLC – By the Numbers:
- CRD #: 28269
- Regulatory Events: 32
- Broker Employees: 163
Tradition Securities and Derivatives LLC – In the News:
FINRA v. Tradition Securities and Derivatives LLC (Case #2020065114701) – Tradition failed to record transmission times on its order tickets between January and September 2020, and failed to include the correct exchange of execution on its order tickets from April 13 to 17, 2020, in violation of the Securities Exchange Act of 1934 (Exchange Act) § 17(a), Exchange Act Rule 17a-3, and FINRA Rules 4511 and 2010. In addition, Tradition failed to establish regulatory risk management controls and supervisory procedures reasonably designed to assure that appropriate surveillance personnel receive immediate post-trade execution reports that result from market access between January 2020 and the present, in violation of Exchange Act § 15(c)(3), Exchange Act Rules 15c3-5(b) and (c), and FINRA Rules 3110 and 2010; failed to demonstrate that the firm conducted an annual review of its business activity in connection with market access in 2020, in violation of Exchange Act § 15(c)(3), Exchange Act Rule 15c3-5(e), and FINRA Rule 2010; and submitted a CEO certification in 2020 which failed to state that the firm’s risk management controls and supervisory procedures complied with paragraphs (b) and (c) of Exchange Act Rule 15c3-5, and that the firm conducted an annual review of its business activity in connection with market access, in violation of Exchange Act § 15(c)(3), Exchange Act Rule 15c3-5(e), and FINRA Rule 2010.
FINRA v. Tradition Securities and Derivatives LLC (Case #2015045334101) – Between August 2013 and August 2016 (the “Relevant Period”), Tradition facilitated the sale of Venezuelan and Argentinian bonds without having in place a reasonable anti-money laundering (“AML”) compliance program that was tailored to the Firm’s foreign bond business. Tradition also failed to conduct required due diligence on the accounts of foreign financial institutions (“FFIs”). In particular, the Firm did not adequately assess, at account opening or thereafter, the money laundering risks posed by the FFI accounts, as required by 31 C.F.R. § 1010.610 and failed to perform periodic reviews of account activity sufficient to determine consistency with information previously obtained about the type, purpose and anticipated activity of the accounts. Tradition’s conduct violated FINRA Rules 3310(a) and (b) and 2010.
FINRA v. Tradition Securities and Derivatives LLC (Case #2014041130901) – In three reviews covering periods in 2014, the MSRB staff of FINRA’s Department of Market Regulation reviewed the firm’s compliance with applicable MSRB requirements. During each review period, the firm failed to report information regarding municipal securities transactions to the Real-Time Transaction Reporting System (“RTRS”) in the manner prescribed by MSRB Rule G-14, including 142 purchase and sale transactions during the period January 1, 2014 through March 31, 2014 that were not reported within 15 minutes of the time of trade. As a result, the firm violated MSRB Rule G-14.
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.