IBN Financial Services: 3 Regulatory Complaints
Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 12, 2019 indicate that New York-based brokerage firm IBN Financial Services has received regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding IBN Financial Services (CRD# 42360).
Established in New York in 1995, IBN Financial Services is headquartered in Liverpool, New York and registered with 44 US states and territories. The firm conducts ten types of business, including: broker or dealer retailing corporate equity securities over-the-counter; broker or dealer selling corporate debt securities; mutual fund retailed; municipal securities broker; broker or dealer selling variable life insurance or annuities; broker or dealer selling oil and gas interests; investment advisory services; broker or dealer selling tax shelters or limited partnerships in primary distributions; and private placements of securities. Organized as a corporation, its fiscal year ends in December. According to its BrokerCheck report, the firm has received three regulatory sanctions.
In 2017 FINRA sanctioned IBN Financial Services in connection to allegations that it conducted securities business on multiple instances without maintaining its required minimum net capital. FINRA’s findings stated further that that it had a net capital deficiency of about $27,480, resulting from its “failure to accrue for a civil settlement and certain legal fees and expenses.” According to FINRA, the firm transacted securities business during this time frame, and had a net capital deficiency on multiple dates. Per FINRA’s findings, its deficiencies on the dates in question “ranged from $1,277 to $3,108,” and stemmed from its failure to accrue for commission expenses. In connection with these findings, the firm was censured and issued a fine of $15,000.
In 2016 the State of New York sanctioned the firm in connection to allegations it engaged in the fraudulent sale of seven investment contracts. According to the findings, the fraudulent sales totaled $329,094 in investments, resulting in losses to investors of more than $50,200. In connection with these findings, the firm was issued a fine of $10,000. It was also issued a five-year bar from “selling, marketing, brokering, or soliciting within or from New York secondary market pension, life settlements, viatical settlements and similar settlements.” Finally, the firm was ordered to disgorge $13,035.29 in commissions.
In 2014 the State of Pennsylvania sanctioned the firm in connection to allegations it failed to reasonably supervise an agent who was subjected to heightened supervision as a condition for his registration in the state. In connection with these findings, the firm was issued a fine of $10,000.
If you or someone you know has lost money investing with IBN Financial Services, call the experienced attorneys at 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.