Silber-Bennett Financial: 1 Regulatory Sanction
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 25, 2019 indicate that advisory firm Silber-Bennett Financial has received a regulatory sanction in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Silber-Bennett Financial (CRD# 156435).
Established in California in 2004, Silber-Bennett Financial is registered as an advisory firm with two US states: California and Florida. Its FINRA registration was terminated March 2019. Organized as a corporation, the firm’s fiscal year ended in December. According to its BrokerCheck report, Silber-Bennett Financial has received 1 regulatory sanction.
In January 2019 the State of California sanctioned Silber-Bennett Financial in connection to allegations it failed to pay its annual renewal fees. In connection with these findings, the firm’s investment adviser certificate was revoked.
FINRA records also show that former firm representatives have received customer complaints and FINRA sanctions. One former representative, for instance, was sanctioned by FINRA in 2018 in connection to allegations he failed to timely update his disclosure form to reflect an outstanding tax lien. FINRA’s findings in the matter also stated that the representative did not disclose to Silber-Bennett Financial his participation in an outside business activity in which he acted as an officer for a “development-stage company” and solicited persons—who the findings clarify were not firm customers—to “invest in an offering for the company.” He also allegedly distributed an Offering Memorandum with these solicitations which described himself as Chief Financial Officer of the company in question “and directed that all subscription documents and payments should be made to him at the company’s business address.” FINRA’s findings state that his solicitations did not lead to direct investments, but that he “did assist in a=obtaining stock certificates” for some investors in the company and provided advice to the company regarding “strategy and budgetary issues,” despite his allegedly false attestations on firm compliance questionnaires that he “had not participated in any outside business activities.” In connection with these findings, this representative was issued a four-month suspension and a fine of $7,500. Another former representative was the recipient of a customer complaint alleging that while employed at a former firm, he failed to adequately supervise a broker who acted improperly; that complaint settled for $165,000. A third former representative has received a customer complaint alleging that while employed at another firm, he acted negligently, made misrepresentations of material facts, made omissions of material fact, breached contract, and breached his fiduciary duty; the complainant is seeking $60,000 in that pending complaint.
If you or someone you know has lost money investing with Silber-Bennett Financial, 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.