Dinosaur Financial Group: 4 Regulatory Complaints
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 11, 2019 indicate that New York-based brokerage firm Dinosaur Financial Group has received regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Dinosaur Financial Group (CRD# 104446).
Established in Delaware in 2000, Dinosaur Financial Group is headquartered in New York, New York and registered with 48 US states and territories. According to the firm’s BrokerCheck report, it has received four regulatory actions.
In 2013 FINRA sanctioned Dinosaur Financial Group in connection to allegations that though it acted in a principal in transactions involving “corporate bonds, agency debt, and securitized products (TRACE-eligible securities),” the firm’s memoranda for the orders in question did not specify the firm’s role in the transactions. According to FINRA, its review of TRACE-eligible securities transactions erroneously reported the time of execution for trades as well as well as the transactions’ buy/sell indicators. FINRA stated that its review of TRACE reports also included erroneous execution times for some trades. In connection with these findings, the firm was censured and issued a fine of $10,000.
In 2012 FINRA sanctioned Dinosaur Financial Group in connection to allegations the firm held customer funds in a bank account that failed to meet net capital requirements. In connection with these findings, the firm was censured and issued a fine of $8,000.
In 2011 FINRA sanctioned the firm in connection to allegations it “failed to open and maintain a special reserve bank account” in which to maintain client funds and additionally failed to meet its minimum net capital requirement on two dates it conducted securities business, in violation of securities laws. FINRA’s findings state additionally that the firm employed a research analyst who made and distributed reports that failed to meet NASD requirements in a number of ways: the firm did not disclose for five of the reports “the percentage of securities rated by the member to which the member would assign” ratings of buy, hold/neutral, or sell; the firm did not disclose for one of the reports the method by which it valued a price target or the possible risks that would have stopped the investments from achieving that target; and that the firm did not include, in five of the reports, “clear and present comprehensive disclosures” concerning valuation methods and whether the firm had positions in securities discussed in the reports. In connection with these and other findings, the firm was censured and issued a fine of $50,000.
In 2009 FINRA sanctioned the firm in connection to allegations it permitted its representatives to execute trades for customers, on which they earned commissions of about $19,500, in the absence of proper FINRA registration. In connection with these findings, the firm was censured and issued a fine of $25,000.
If you or someone you know has lost money investing with Dinosaur Financial Group, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.