Purshe Kaplan Sterling Investments: 2 Customer Complaints, 7 Regulatory Actions
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 13, 2019 indicate that New York-based brokerage firm Purshe Kaplan Sterling Investments has received customer complaints and regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Purshe Kaplan Sterling Investments (CRD# 35747).
Established in New York in 1993, Purshe Kaplan Sterling Investments is headquartered in Albany, New York and registered with 52 US states and territories. Organized as a corporation, its fiscal year ends in March. According to the firm’s BrokerCheck report, Purshe Kaplan Sterling Investments has received two customer complaints and seven regulatory sanctions.
In 2017 the State of Michigan sanctioned Purshe Kaplan Sterling Investments in connection it allegations it failed to supervise an agent in connection to that agent’s alleged application of volume discounts for a customer. The firm was censured and issued a fine of $10,000.
In 2016 FINRA sanctioned Purshe Kaplan Sterling Investments in connection to allegations it failed to perform adequate due diligence of its representatives’ outside business activities, for instance by failing to obtain or examine information like sample client advisory agreements, compensation received for advisory services provided by the representatives, and other data necessary to adjudicate whether the conduct in question involved private securities transactions. FINRA’s findings stated additionally that it lacked supervisory procedures adequately designed to review performance reports completed by its registered employees, in that its procedures regarding such “did not include any provision for the supervisory review” of the reports’ contents. In connection with these and other findings, the firm was censured and issued a fine of $200,000.
In 2016 FINRA sanctioned the firm in connection ti allegations involving supervisory failures that prevented the firm from identifying and preventing the “fraudulent conduct” of a representative who through the firm “regularly lied to his customer, a Native American tribe, regarding investments he recommended.” In connection with these findings, which concerned investments in non-traded real estate investment trusts and business development companies, the firm was censured and issued a fine of $750,000; it was also ordered to pay restitution of about $3.3 million to the customer.
In 2005 a customer alleged the firm breached its fiduciary duty, misrepresented material facts, breached contract, and acted negligently. The complaint resulted in an award to the customer of more than $299,500.
In 1999 a customer alleged the firm breached its fiduciary duty, churned investments, and recommended unsuitable securities. The complaint resulted in an award to the customer of $55,520.
If you or someone you know has a complaint regarding Purshe Kaplan Sterling Investments, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited by law, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.