Crystal Bay Securities: 1 Customer Complaint, 3 Regulatory Sanctions
Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 24, 2019 indicate that former FINRA-registered broker-dealer firm Crystal Bay Securities has received a customer complaint and regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Crystal Bay Securities (CRD# 142339).
Established in Florida in 2006, Crystal Bay Securities is currently not registered with any US state. Organized as a corporation, the firm’s fiscal year ended in December. Its SEC registration status was postponed effective January 2019 and its FINRA license was cancelled in February 2019. The firm engages in 8 types of business, including: mutual fund retailer; broker of US government securities; broker or dealer involved in the retail of corporate equities on an over-the-counter basis; broker-or retailer involved in the retail of corporate debt securities; retailer of mutual funds; broker or dealer involved in the sale of variable life insurance or annuities; private placements; transacting business in both public and private real estate investment trusts; and non-exchange member arranging for transactions in listed securities by an exchange member. The firm’s former president and CEO was named in a FINRA investigation in March 2019 in connection to allegations he violated FINRA rules by recommending customers purchase unsuitable speculative securities, resulting in over-concentrations of real estate investment trusts; that investigation remains pending. According to its BrokerCheck report, Crystal Bay Securities has received one customer complaint and three regulatory sanctions.
In 2019 FINRA sanctioned the firm in connection to allegations it failed to pay arbitration fees. In connection with these findings, the firm’s FINRA membership was cancelled.
In 2019 FINRA sanctioned the firm in connection to allegations it failed to comply with an arbitration award or settlement agreement or to satisfactorily provide information to FINRA concerning the status of compliance. In connection with these findings, the firm’s FINRA membership was suspended.
In 2018 a customer alleged the firm breached its fiduciary duty, committed fraud, made misrepresentations of material facts, made omissions of material facts, recommended unsuitable investments, violated blue sky laws, failed in its supervisory duties, and acted negligently in connection to investments in common stock, mutual funds, preferred stock, and real estate investment trust interests. The complaint resulted in an award to the customer of more than $192,500.
In 2012 the Florida Office of Financial Regulation sanctioned the firm in connection to allegations it failed to notify authorities within 30 days of a complaint or consent order. In connection with these findings, the firm was issued a fine of $2,000.
If you or someone you know has a complaint regarding Crystal Bay Securities, call the attorneys at 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.