Pariter Securities: 4 Regulatory Complaints
Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 13, 2019 indicate that Puerto Rico-based brokerage firm Pariter Securities has received regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Pariter Securities (CRD# 127836).
Established in Puerto Rico in 2008, Pariter Securities is headquartered in Guaynabo, Puerto Rico and registered with seven US states and territories: California, Florida, Georgia, Maryland, Massachusetts, New York, and Puerto Rico. Organized as a limited liability company, its fiscal year ends in December. According to the firm’s BrokerCheck report, Pariter Securities has received three regulatory sanctions.
In April 2019 FINRA sanctioned Pariter Securities in connection to allegations it “utilized the instrumentalities of interstate commerce” to participate in securities transactions without meeting net capital requirements. According to FINRA’s findings, the firm failed to make sure that its assets and liabilities were accurately reflected on its general ledger, trial balance, and balance sheet, and additionally that it did not accurately calculate its net capital. FINRA found that “for the months ending October 2016 and November 2016,” Pariter Securities failed to prepare timely net capital computations, instead self-reporting to FINRA its failure to do such. FINRA’s findings state additionally that the firm filed inaccurate focus reports concerning three quarters, and that on at least four instances it did not notify FINRA and the SEC of its failure to maintain its minimum net capital or that its net capital had fallen below 120% of requirements. In connection with these findings, the firm was censured and issued a fine of $30,000.
In 2016 FINRA sanctioned the firm in connection to allegations it failed to pay fees totaling $3,940 which it owed FINRA resulting from an annual assessment. In connection wit these findings, the firm’s membership was suspended on August 31, 2016 and lifted on September 1, 2016.
In 2016 the Massachusetts Securities Division sanctioned the firm in connection to allegations it submitted unauthorized proxy votes on its clients’ behalf. In connection with these findings, the firm was censured and issued a fine of $25,000.
In 2015 FINRA sanctioned the firm in connection to allegations it failed to maintain and enforce a supervisory system and written supervisory procedures adequately designed to prevent firm representatives from using discretionary authority in client accounts before they obtained written authorization from the clients in question and acceptance from the firm of the accounts as discretionary. In connection with these findings, the firm was censured and issued a fine of $10,000.
If you or someone you know has lost money investing with Pariter Securities, 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.