Harvey Alan Brode [CRD: 31169], a former securities broker in Southfield, Michigan, was sanctioned by the Financial Industry Regulatory Authority (FINRA), according to BrokerCheck. Brode was registered with Park Avenue Securities LLC from July 31, 2026, until October 2026. He was also registered with Osaic Advisory Services LLC from November 8, 2024, to August 4, 2026, and Osaic Wealth Inc. from June 14, 2024, to August 4, 2026. Earlier registrations included Arbor Point Advisors from August 24, 2018, to November 8, 2024, and Securities America Inc. from June 11, 2014, to June 14, 2024. Here’s what prompted the FINRA action.
On September 29, 2026, FINRA sanctioned Harvey Brode in Case No. 2025088487601, imposing a $5,000 fine and a two-month suspension. Brode’s suspension is scheduled to run from October 20, 2026, through December 21, 2026, and applies in all capacities. Brode resolved the matter through an Acceptance, Waiver and Consent, without admitting or denying FINRA’s findings.
Brode reportedly violated Regulation Best Interest’s (Reg BI) Care Obligation under Rule 15l-1 in recommending Class A mutual funds. Regulation Best Interest (Reg BI) requires brokers to exercise reasonable diligence, care, and skill when recommending investments to retail customers. Under its Care Obligation, securities brokers must consider an investment's risks, potential benefits, and costs, as well as reasonably available alternatives, before determining whether a recommendation is in the investor's best interest.
Brode apparently recommended that investors sell Class A mutual funds they already owned and buy other Class A funds. This triggered another upfront sales load. He did not evaluate whether those investors could meet their objectives by exchanging into another fund within the same fund family without paying another sales load.
FINRA attributed 108 mutual-fund switch recommendations to Brode, involving 63 investors and approximately $5.9 million in principal. Those transactions generated roughly $170,000 in upfront sales charges. Securities America Inc., the firm associated with the conduct, later reimbursed the affected investors for those charges.
If you believe you suffered investment losses because of Harvey Brode, you can contact Soreide Law Group online or call (888) 760-6552. Discuss possible recovery with a securities attorney. The firm has recovered losses for investors throughout the United States. The firm also works on a contingency fee basis and advances all costs. Brode and the brokerage firms he worked for deny allegations of sales practice violations.
Moors & Cabot, Inc. (CRD 594) is a brokerage firm based in Boston, Massachusetts. FINRA censured and fined the firm $125,000 after finding it failed to develop and implement an anti-money laundering compliance program reasonably expected to detect and report suspicious transactions, according to an AWC issued August 24, 2026.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
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