Great Point Capital: 9 Regulatory Complaints
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 12, 2019 indicate that Illinois-based brokerage firm Great Point Capital has received regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Great Point Capital (CRD# 114203).
Established in Delaware in 2000, Great Point Capital is headquartered in Chicago, Illinois and registered with 43 US states and territories. According to its BrokerCheck report, the firm has received nine regulatory sanctions.
In March 2019 FINRA sanctioned Great Point Capital in connection to allegations it was untimely or inaccurate in its submission of reportable order events to the order audit trail system. FINRA’s findings state further that Great Point Capital did not repair ROEs that had repairable context or syntax errors, and consequently did not transmit them to OATS. According to FINRA, the firm also did not repair some rejected ROEs within the requisite time period, though it did repair them. In connection with these findings, the firm was censured and issued a fine of $20,000.
In 2015 FINA sanctioned Great Point Capital in connection to allegations it failed to timely submit ROEs to OATS and additionally that it failed to transmit ROEs on 231 business days. According to FINRA’s findings, the firm’s supervisory system lacked written supervisory procedures laying out steps to be taken by the firm employee responsible for the supervision of reporting to OATS. In connection with these findings, the firm was censured and issued a fine of $150,000.
In 2015 the State of Nevada sanctioned the firm in connection to allegations it falsely represented that it had not transacted business in the state, as it had “commenced such business for an approximately week period” prior to making that statement. The findings additionally stated that the firm operated unlicensed branch offices in the state. In connection with these findings, the firm was issued a fine of $25,000.
In 2014 FINRA sanctioned the firm in connection to allegations that acting through two persons, it completed “a series of small, progressively higher-priced orders for multiple securities in the Nasdaq continuous book” during two minutes preceding the Nasdaq opening cross, with the intention (and effect) of inflating the price of those securities in the Nasdaq continuous book. In connection with these findings, the firm was censured and issued a fine of $1,100,000.
In 2011 FINRA sanctioned the firm in connection to allegations its supervisory system concerning manipulative trading, as well as concerning the disclosure of outside accounts and transaction reviews of outside accounts, were inadequate. The firm was censured and issued a fine of $50,000.
If you have lost money investing with Great Point Capital, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. 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.