Detalus Securities: 1 Regulatory Complaint
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 25, 2019 indicate that Missouri-based brokerage firm Detalus Securities, which has also gone by the name Hancock Securities Group, has received a regulatory sanction in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Detalus Securities (CRD# 103260).
Established in Missouri in 1999, Detalus Securities is headquartered in St. Louis, Missouri and is registered with 10 US states and territories: Arizona, Colorado, Florida, Illinois, Indiana, Missouri, New York, Ohio, Pennsylvania, and Texas. Organized as a limited liability company, the firm’s fiscal year ends in December. The firm conducts three types of business: broker or dealer selling tax shelters or limited partnerships in primary distributions; private placements of securities; and merger and acquisition advisory services and capital raises. It is controlled by Manchester Holdings; its FINRA registration status was approved in April 2000, and its SEC registration status was also approved in April 2000. According to its BrokerCheck report, Detalus Securities has received 1 regulatory sanction.
In 2003 the National Association of Securities Dealers sanctioned the firm in connection to violations it violated SEC and NASD rules by initiating a private placement offering of certain securities through a private placement memorandum, but did not deposit its investors’ funds “in an appropriate escrow account before the minimum contingency was reached.” The NASD’s findings also state that the firm made “false and misleading statements” concerning those payments in the private placement memorandum. In connection with these findings, the firm was censured and issued a fine of $6,000. The firm’s statement on this disclosure reads in part: “The firm believes it had every reasonable basis to believe that a check received from an investor was backed by ‘good’ funds to be considered ‘received’ even though not actually deposited in escrow bank account.”
FINRA records also show that current or former firm representatives have received customer complaints and FINRA sanctions. One former representative, for instance, was sanctioned by the NASD in 2000 in connection to allegations that while employed at DR Hancock & Company, he allowed persons to act as general securities representatives even though their securities registrations had fallen into “inactive” status after they failed to keep up with continuing education requirements mandated by securities regulations. The NASD’s findings in this matter also alleged that the firm, acting through this representative, “failed to establish or maintain written supervisory procedures with respect to the requirements” of relevant rules. In connection with these findings, the representative was ordered to pay a fine of $5,000.
If you or someone you know has a complaint regarding Detalus Securities, which has also gone by the name Hancock Securities Group, 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.