Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP represent investors in their disputes with brokerage firms, such as XP Investments US, LLC. Our firm can analyze your accounts and investments in order to determine if there was any broker misconduct in the handling of your accounts. Our analysis can reveal whether an investor has been a victim of misconduct such as unsuitable investments, unauthorized trading, excessive trading, or investment fraud.
XP Investments US is a broker-dealer and registered swap dealer that provides securities trading, brokerage, and derivatives services mainly to institutional investors in the United States and Latin America. Formed in Delaware in 2010 and based in Miami, the firm is a wholly owned subsidiary of XP Holdings International within the XP Inc financial group.
XP Investments US, LLC – By the Numbers:
- CRD #: 156691
- Regulatory Events: 3
- Broker Employees: 99
XP Investments US, LLC – In the News:
FINRA v. XP Investments US, LLC (Case #2021072257301) – From June 2019 through June 2022, XP violated FINRA Rules 5210 and 2010 by overstating its advertised trade volume on Bloomberg, a private, subscription-based provider of market data, in approximately 3,300 instances by approximately 446 million shares. From at least June 2019 through December 2023, XP violated FINRA Rules 3110 and 2010 by not establishing and maintaining a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5210. For these violations, XP is censured and fined $185,000.
FINRA v. XP Investments US, LLC (Case #2020066883201) – From June 2017 through February 2018, XP recommended three private placements to its customers without conducting reasonable due diligence, and thus without satisfying its reasonable-basis suitability obligation in violation of FINRA Rules 2111 and 2010. During this period, the firm also did not establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA Rule 2111 in violation of FINRA Rules 3110 and 2010. Additionally, from March 2020 to October 2021, XP did not establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA Rule 5210, which prohibits non-bona fide trading, in violation of FINRA Rules 3110 and 2010. XP also committed several violations concerning customer confirmations and trade reporting. Between May 2018 and February 2024, XP provided retail customers with confirmations for approximately 7,000 corporate bond transactions that inaccurately stated that the firm acted in an agent capacity in violation of Exchange Act Rule 10b-10, promulgated under § 10(b) of the Securities Exchange Act of 1934, and FINRA Rules 2232 and 2010 and further did not provide those customers with mark-up and mark-down information in violation of FINRA Rules 2232 and 2010. XP also did not disclose its mark-ups and mark-downs as both a total dollar amount and as a percentage of the prevailing market price for approximately 1,100 additional corporate bond transactions in violation of FINRA Rules 2232 and 2010. From January 2021 to December 2023, XP reported 3,419 customer transactions in corporate debt securities to the Trade Reporting and Compliance Engine (TRACE) as agent when those transactions should have been reported as principal in violation of FINRA Rules 6730 and 2010. XP also did not establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with Exchange Act Rule 10b-10 and FINRA Rules 2232 and 6730 in violation of FINRA Rules 3110 and 2010.
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.