On September 2, 2014, the Financial Industry Regulatory Authority (FINRA), fined Feltl & Company of Minneapolis $1 million for failing to properly supervise its penny-stock business between 2008 - 2012. FINRA reports that Feltl & Company failed to inform their clients ahead of certain penny-stock transactions about the suitability and risks. Also FINRA claims they did not send customers account statements showing the market value of each penny stock or keep proper records of transactions.
Penny stocks trade below $5 a share and are risky investments because it is difficult to track such companies' business potential and future value. FINRA has warned firms repeatedly to review their procedures.
According to FINRA, Feltl earned $2.1 million from at least 2,450 solicited customer transactions in 15 penny stocks during the four years in question. It is not known how much Feltl made from selling penny stocks between 2008-2012 that they did not keep track of, however, according to FINRA it was "substantial."
Feltl, employs aproximately 113 brokers and has eight branches in Minnesota and Illinois. They have had four regulatory problems with FINRA before this last problem with penny stock.
If you or a loved one purchased high-risk penny stocks on the recommendation of your stock broker/financial advisor and experienced financial losses, please contact Soreide Law Group at (888) 760-6552 for a free consultation. We represent clients nationwide before FINRA.
Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against: TEXAKOMA FINANCIAL, INC. and their registered representative, SHEA PETER KENNEDY (SHEA P KENNEDY) (Repondents). The Claimant resides in Nevada, and according to the lawsuit, around August of 2023, SHEA P KENNEDY contacted the Claimant unsolicited, apparently after the Claimant had […]
Pending customer claims on BrokerCheck name Michael Graham (CRD 3263494) and list LPL Financial as the firm. Each claim is pending and unproven, and no arbitrator has ruled on any of them. The customers allege that Graham misrepresented guaranteed principal and returns on a secured loan related to a real estate deal.
An SEC decision involving Titan Securities (CRD 131392) of Plano, Texas became final on August 7, 2026, according to FINRA's October 2026 Disciplinary and Other FINRA Actions report. The decision fined the firm $50,000. The record lists the firm as JTA Securities Management, Inc. dba Titan Securities.
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