New York, NY (PRWEB) March 27, 2013
Zamansky & Associates LLC notifies all customers of Allied Beacon Partners, Inc. that it is investigating the company’s conduct in light of FINRA’s recent disciplinary action.
FINRA, the Financial Industry Regulatory Authority, recently announced that it had reached a settlement with Richmond, Virginia-based Allied Beacon Partners in which the company was fined and censured in connection with numerous rules violations. The settlement agreement, Letter of Acceptance, Waiver and Consent No. 2011025598801, can be reviewed here: http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=32893. According to the settlement, the firm failed to adequately supervise electronic communications with its customers and failed to enforce proper procedures for “heightened supervision” of its brokers who needed to be watched more closely. The settlement also concluded that the firm’s sales literature and websites “contained exaggerated, unwarranted or misleading statements” in violation of multiple NASD and FINRA rules.
Regarding “heightened supervision,” the settlement found that the firm failed to follow its own procedures in connection with three financial advisors with “derogatory regulatory history.”
Regarding its sales literature and other communications with the public, the settlement concluded that the firm “failed to provide sufficient balance of the risks and potential rewards” of investments.
This is not the first time that the firm has been disciplined by FINRA. According to the settlement, in 2010 the firm was censured for failures in connection with its sales of annuities to its customers and failing to report customer complaints.
Stock fraud attorney Jacob Zamansky notes, "Investment brokerage firms have a duty to vigilantly supervise their financial advisors and must provide fair and balanced disclosures to their customers when recommending investments. When they fall short of their obligations, their customers' hard-earned assets are at risk of loss." Zamansky commented, "We are pleased that FINRA is policing brokerage firms that may be shirking their duties to the investing public, and we stand ready to assist customers who may have suffered losses as a result of Allied Beacon Partners' conduct. FINRA securities arbitration can be a good avenue to recover those losses."
What Allied Beacon Partners Customers Can Do
If you are a customer of Allied Beacon Partners and would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky & Associates, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414