BCG Securities: 1 Customer Complaint, 6 Regulatory Actions
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 11, 2019 indicate that New Jersey-based brokerage firm BCG Securities has received regulatory actions and a customer complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding BCG Securities (CRD# 119249).
Established in Pennsylvania in 1965, BCG Securities is headquartered in Cherry Hill, New Jersey and registered with 51 US states and territories. It conducts ten types of business, including: Broker or dealer retailing corporate equity securities over the counter; mutual fund retailer; US government securities dealer; municipal securities broker; investment advisory services; and private placements of securities. Organized as a corporation, the firm is owned by Horace Mann Educators Corporation and its fiscal year ends in December. According to its BrokerCheck report, it has received six regulatory sanctions and one customer complaint.
In 2012 the North Carolina Secretary of State sanctioned the firm in connection allegations it mistakenly submitted a form resulting in the termination of its registration in the state. It was ordered to make a payment of $13,500 for the costs of investigations by the Secretary of State.
In 2004 the National Association of Securities Dealers (NASD) sanctioned BCG Securities in connection to allegations it failed in its supervisory duties to ensure compliance with requirements that representatives recommend mutual fund share classes suitable for customers based on factors such as the purchase size, the client’s existing holdings, breakpoints, and the intended holding period; and the provision of available breakpoints on front-end sales charges to customers who are eligible for such. In connection with these findings, the firm was censured and issued a fine of $7,500.
In 1989 the NASD sanctioned the firm in connection to allegations it effected securities business without maintaining its minimum net capital requirement. In connection with these findings, the firm was censured and issued a fine of $2,000.
In 1989 a customer alleged BCG Securities acted negligently in connection to unspecified transactions. The complaint resulted in an award to the customer of $30,000.
In 1989 the NASD sanctioned the firm in connection to allegations it conducted securities business while failing to maintain its minimum net capital requirement and failed to properly keep a record of transactions. The firm was censured and issued a fine of $1,000.
In 1979 the NASD sanctioned the firm in connection to allegations it failed to properly supervised a registered representative who improperly calculated commissions on certain mutual fund sales. The firm was censured and issued a fine of $1,500.
If you or someone you know has a complaint regarding BCG Securities, 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 by law to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.