Wilmington Capital Securities: 1 Regulatory Complaint
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 25, 2019 indicate that New York-based brokerage and advisory firm Wilmington Capital Securities has received a regulatory sanction in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Wilmington Capital Securities (CRD# 133839).
Established in New York in 2004, Wilmington Capital Securities is headquartered in Garden City, New York and registered with 48 US states and territories. Organized as a limited liability company, the firm’s fiscal year ends in December. The firm conducts 12 types of business, including: broker or dealer retailing corporate equity securities over-the-counter; underwriter or selling group participate of corporate securities other than mutual funds; mutual fund retailer; municipal securities broker; put and call broker or dealer or option writer; trading securities for own account; and private placement of securities. According to its BrokerCheck report, Wilmington Capital Securities has received 1 regulatory sanction.
In 2011 FINRA sanctioned the firm in connection to allegations it failed to report certain information related to municipal securities purchase and sale transactions to the Real-Time Transaction Reporting System in compliance with requirements outlined in RTRS rules and procedures. FINRA’s findings state that the firm failed to timely report information about relevant transactions and that its supervisory system failed to provide for supervision that was adequately designed to ensure compliance with relevant laws and rules. In connection with these findings, the firm was censured and issued a fine of $12,500.
FINRA records also show that current or former firm representatives have received customer complaints and FINRA sanctions. One former representative, for instance, has received five customer complaints. In 2018 a customer alleged that while employed at Wilmington Capital Securities, this representative recommended unsuitable investments, breached his fiduciary duty, and acted negligently; that complaint settled for $7,800. In 2016 a customer alleged this representative, while employed at Wilmington Capital Securities, recommended unsuitable investments in their regular and IRA accounts; that complaint settled for $120,000. In 2016 a customer alleged this representative, while employed at another firm, solicited unsuitable investments and breached his fiduciary duty; that complaint settled for $5,000. In 2012 a customer alleged this representative, while employed at another firm, recommended unsuitable investments and engaged in the excessive, unsuitable use of margin; that complaint settled for $25,000. And in 2010 a customer alleged this representative, while employed at another firm, misrepresented an investment as paying a dividend when it did not; that complaint settled for $7,000.
If you or someone you know has lost money investing with Wilmington Capital 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 by law, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.