Advisory Group Equity Services: 1 Customer Complaint, 3 Regulatory Actions
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 11, 2019 indicate that Massachusetts-based brokerage firm Advisory Group Equity Services has received regulatory actions and a customer complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Advisory Group Equity Services (CRD# 15427).
Established in Massachusetts in 1984, Advisor Group Equity Services is headquartered in Woburn, Massachusetts and registered with 53 US states and territories. According to its BrokerCheck report, it has received three regulatory sanctions and one customer complaint.
In January 2019 FINRA sanctioned Advisory Group Equity Services in connection to allegations the firm failed in its supervisory duties concerning the “retention and review of emails of migrated representatives.” According to FINRA’s findings, following the arrival of certain representatives from another firm, Advisor Group Equity Services did not capture those representatives’ business-related emails, and continued to not review those representatives’ use of their former firm email addresses. FINRA’s findings state that these emails concerned such matters as “investment ideas, stock prices, and securities transactions.” FINRA’s findings also state that a review of sample emails turned up multiple cases where firm representatives exchanged emails with approved firm email accounts using their prior firm accounts, noting that “a reasonable supervisory review” of emails sent to or from those approved email addresses should have caused the firm to detect its representatives’ use of their prior firm email accounts for the performance of securities business. In connection with these findings, FINRA censured the firm and issued it a fine of $20,000.
In 2011 the State of Nevada sanctioned the firm in connection to allegations it operated a branch office in the state without first obtaining proper licensure from the state’s securities division. In connection with these findings, the firm was issued a fine of $1,000.
In 2010 a customer alleged the firm breached its fiduciary duty, churned investments, engaged in manipulation, misrepresented material facts related to an investment, omitted material facts related to an investment, made unsuitable investment recommendations, executed unauthorized trades, breached contract, failed in its supervisory duties, and acted negligently in connection to investments in annuities, certificates of deposit, common stock, and corporate bonds. The complaint resulted in an award to the customer of $121,030.
In 2000 the Maine Securities Division sanctioned the firm in connection to allegations it sold a Maine investor an unregistered security. In connection with these allegations, the firm was censured and ordered to pay rescission and restitution of more than $26,100.
If you or someone you know has a complaint regarding Advisory Group Equity Services, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.