Soreide Law Group (888-760-6552) obtained the following information on FINRA’s website located under “Disciplinary and Other FINRA Actions, December 2016.”
Houlihan Capital, LLC (CRD #156028, Chicago, Illinois), and
Andrew David Smith (CRD #2433015, Clarendon Hills, Illinois) also known as Andy Smith
Houlihan Capital was censured and fined $25,000, $5,000 of which is joint and several with Andrew D. Smith. Smith was also suspended by FINRA for 10 business days, allegedly due to the firm and Smith participating in the offering of a private placement of securities for a company seeking to raise $5 million through the sale of subordinated convertible promissory notes. FINRA stated that the firm and Smith, acting as its president, chief compliance officer (CCO) and part-owner, created and disseminated written materials that failed to comply with FINRA-required standards for communications with the public.
FINRA’s findings stated that the materials failed to present a balanced view of the risks and benefits of the investment, included inaccurate or misleading statements, presented an overly positive portrayal of the issuer, failed to provide a sound basis for evaluating the facts in regard to an investment in the issuer, omitted material information, included out-of-date information, and contained false, exaggerated, unwarranted, promissory or misleading statements or claims.
Also, FINRA’s findings stated that Houlihan Capital and Smith distributed information that contained what had become an untrue statement of a material fact to potential investors without providing written updated information.
The suspension was in effect from November 21, 2016, through December 5, 2016.
(FINRA Case #2015045347101)
Andrew Smith has been registered in the securities industry for 20 years and is currently registered with Houihan Capital, LLC, 500 W MADISON STREET SUITE 2600, CHICAGO, IL 60661 since 7/6/2011.
If you were a client of Houlihan Capital and/or Andrew D. Smith of Chicago, and experienced investment losses due to their actions or recommendations, call Soreide Law Group and speak to a lawyer at no-cost regarding the possibility of recovering your financial losses at: 888-760-6552.
Soreide Law Group will represent clients nationwide before FINRA and we operate on a contingency fee.
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