The Pompano Beach, Florida-based Soreide Law Group (888-760-6552) obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions, July 2016.”
Kovack Securities Inc. (CRD #44848, Ft. Lauderdale, Florida)
Kovack Securities Inc. was censured, fined $125,000 and ordered to pay $119,319.27 in restitution to their clients. The firm has paid full restitution and provided proof of payment to FINRA.
Allegedly, Kovack Securities Inc. failed to identify and apply sales charge discounts to certain clients’ eligible purchases of UITs (unit investment trust), which resulted in clients paying excessive sales charges of $119,319.27.
FINRA’s findings stated that the firm failed to establish, maintain and enforce a supervisory system reasonably designed to ensure that clients received sales charge discounts on all eligible UIT purchases.
According to FINRA, Kovack Securities Inc. relied primarily on its registered representatives to ensure that clients received appropriate UIT sales charge discounts despite the fact that the firm did not effectively inform and train representatives and their supervisors to identify and apply such sales charge discounts.
(FINRA Case #2014041840501)
If you or a loved one have suffered losses due to Kovack Securities, Inc. of Ft. Lauderdale, Florida, contact Soreide Law Group conveniently based in Pompano Beach, Florida, for a no-cost consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee.
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