OneAmerica Securities, Inc. (CRD #4173, Indianapolis, Indiana)
was censured and fined $75,000 for allegedly failing to make reasonable inquiries or follow-ups on multiple red flags that indicated a registered representative associated with OneAmerica Securities was making unsuitable options recommendations and causing an improper and/or unauthorized transfer of funds to a third party.
FINRA's findings stated that OneAmerica Securities had inadequate procedures that described how options transactions would be reviewed, approved and monitored. OneAmerica Securities review was limited to verifying that the transactions were within the level of options trading for which the account had been approved. There were no discussions with the registered representative, his branch manager or the clients about any flagged transactions.
Also, FINRA's findings stated that the firm had an inadequate system and procedure to confirm a requested transmittal of funds to a third party. As a result, the registered representative was able to improperly cause $51,800 to be transferred from a client’s account at OneAmerica Securities to another client’s account at a different member firm.
(FINRA Case #2013036026902)
This summation of information was obtained on FINRA's website's Disciplinary Actions April 2015.
If you have suffered substantial losses due to your broker/financial advisor recommending options, you may have a claim for recovery. Call the Soreide Law Group at (888) 760-6552 to speak to an attorney at no cost to discuss your potential claim.
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