Lowell & Company: 2 Regulatory Complaints
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 12, 2019 indicate that Wisconsin-based brokerage and advisory firm Landolt Securities has received regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Landolt Securities (CRD# 28352).
Established in Wisconsin in 1989, Landolt Securities is headquartered in Oshkosh, Wisconsin and registered with 52 US states and territories. The firm is organized as a corporation and its fiscal year ends in March. It conducts 13 types of business, including: Broker or dealer retailing corporate equity securities over-the-counter; mutual fund retailer; US government securities broker; municipal securities broker; broker or dealer selling variable life insurance or annuities; investment adviser; trading securities for own account; and private placements. According to the firm’s BrokerCheck report, Landolt Securities is the subject of three regulatory sanctions.
In 2014 the State of North Dakota sanctioned Landolt Securities in connection to allegations it acted as an unregistered broker-dealer and that unregistered agents conducted activity in the state. In connection with these findings, the firm was issued a fine of $20,000.
In 2015 FINRA sanctioned the firm in connection to allegations that in the course of separate calendar years, the firm participated in excess of ten proprietary trades and transacted securities business without maintaining a minimum net capital of $100,000. According to FINRA’s findings, the firm failed to disclose, as required, that it had a minimum net capital requirement of $100,000, and additionally filed “inaccurate financial and operational combined uniform single,” or FOCUS reports. FINRA’s findings state additionally that the firm participated in proprietary trading exceeding ten trades that was not approved under its agreement with FINRA. Moreover, according to FINRA, the firm failed to accurately record the time of certain transactions’ receipt, and did not report certain municipal securities transactions to the Municipal Securities Rulemaking Board. According to the findings, the firm did not establish supervisory procedures that were adequate to ensure the reporting of municipal securities transactions to the MSRB by its clearing firm, and did not implement and adequate supervisory system. In connection with these findings, the firm was censured and issued a fine of $25,000.
In 2013 FINRA sanctioned the firm in connection to allegations it failed to prepare order memoranda and did not keep records documenting the time of receipt for 57 of 63 municipal securities transactions, transacted for firm customers, during the first quarter of a certain year. FINRA’s findings state that these failures were limited to transactions made over the phone, and was later “corrected by implementing written procedures requiring the creation of order tickets for all municipal securities transactions.” In connection with these and other findings, the firm was censured and issued a fine of $12,500.
If you or someone you know has lost money investing with Landolt Securities, 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.