First Financial Equity Corporation Disciplined for Failure to Supervise its brokers
By Sean Sweeney on March 19, 2017
Attorney Sean Sweeney with the Securities Lawyers is looking into potential claims regarding FIrst FInancial Equity Corporation. First Financial Equity Corporation is an independent broker dealer based out of Scottsdale, Arizona. According to public records the company signed a waiver and consent on March 08, 2017 regarding allegations from FINRA that it failed to supervise its accounts.
Specifically FINRA alleged that the firm had no written supervisory procedures ("WSPs") pertaining to the supervision, approval and sale of Exchage Traded Funds, inadequate WSPs regarding reasonable basis suitability, and the WSPs that were in place were not enforced, "WSPs that were not enforced included procedures pertaining to discretionary accounts, excessive trading/churning reviews, and the requirement that the Firm's WSPs detail its actual processes and procedures." According to FINRA's Broker Check, the firm has been sanctioned several times before.
If you were a client of First Financial Equity Corporation and lost money in your account, we are interested in discussing a potential claim with you. Attorney Sweeney and the other Securities Lawyers at Halling & Cayo have recovered millions of dollars for investors across the country.
The market has gained an average of more than 7% returns over the last 5 years and yet some investors, put into overly risking trading strategies, despite promises of guaranteed returns, have lost significant sums. Halling & Cayo S.C. is researching bringing claims on behalf of individual(s) and/or a group of investors for recovery of their funds. Most customers will have signed a FINRA arbitration agreement to resolve disputes, including claims for reimbursement of these types of investment losses. As the SEC reminds investors, it can be important to find an attorney that “specializes in resolving securities complaints."
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