Carolina Financial Securities, LLC (CRD #41970, Brevard, North Carolina)
was censured and fined $50,000 by FINRA for allegedly selling an unregistered private placement offering to their investors for approximately $1.1 million.
FINRA's findings stated that allegedly Carolina Financial Securities failed to follow their own procedures in regards to the selling of private placements and conduct adequate due diligence before approving it for sale to their customers.
According to FINRA, Carolina Financial Securities allegedly failed to ensure that the offering’s private placement memorandum (PPM) included all information about the offering. FINRA's report also included that Carolina Financial Securities approved the offering for sale to its customers without allegedly verifying the representations about the loan agreement which were made in the PPM.
(FINRA Case #2011025755101)
This ends the summation of the information obtained from FINRA's website under, "Disciplinary and Other Actions, June, 2014."
If you sustained investment losses because of your stockbroker or financial advisor’s recommendations in private placements, or other illiquid, and complex products, call Soreide Law Group for a free consultation on how to potentially recover your financial losses at 888-760-6552.
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