Securities Lawyers Blog
Alternative investment losses, REIT investment losses, DST investment losses, leveraged ETF losses, and other retirement investment losses are frequently traced to recommendations that were unsuitable for the investor. The investment loss lawyers at Gana Weinstein LLP represent customers of brokerage firms such as Velox Clearing LLC in FINRA arbitration claims to recover losses in these products. If you are wondering whether you can sue for investment losses or recover losses from a financial advisor, our attorneys can review your accounts and give you a clear answer.
Velox Clearing is a correspondent clearing broker-dealer for equities and options that also provides prime brokerage, securities lending and FDIC-insured deposit sweep services to other broker-dealers. Organized in Nevada in 2017 and headquartered on Brickell Avenue in Miami, the firm is owned by Velox Holdings and ultimately by Hong Kong-based Zinvest Holdings.
Velox Clearing LLC – By the Numbers:
- CRD #: 290215
- Regulatory Events: 4
- Broker Employees: 14
Velox Clearing LLC – In the News:
FINRA v. Velox Clearing LLC (Case #2022077267702) – Velox Clearing provides clearing services to a number of foreign financial institutions that transact in thinly traded, low-priced securities through omnibus accounts. Since January 2019, Velox failed to establish and implement an AML program reasonably designed to detect and cause the reporting of suspicious transactions given this business, in violation of FINRA Rules 3310 and 2010. As a result, the firm failed to detect or investigate red flags of spoofing, layering, bid support, and marking the close. The firm also has failed to retain and review business communications on non-firm communications platforms, in violation of Exchange Act § 17(a), Exchange Act Rule 17a-4 and FINRA Rules 3110, 4511, and 2010. Additionally, between January 2019 and February 2024, the firm failed to reasonably supervise outside brokerage accounts in violation of FINRA Rule 3110(d). For these violations Velox is censured, fined $1.3 million, and has agreed to retain an independent consultant.
Gana Weinstein LLP represents investors nationwide, including customers of Velox Clearing LLC, in FINRA arbitration claims to recover investment losses caused by unsuitable investments, failure to supervise, and other broker misconduct. Our consultations are free and there is no obligation.