First Allied Securities, Inc. is a privately-held company that operates throughout the U.S.as a full-service broker-dealer. Founded in 1994, First Allied is a subsidiary of Advanced Equities Financial Corp. Its primary function is to support higher-producing independent financial professionals. Headquartered in San Diego, the firm has nearly 1,000 financial advisors in 500 branch offices. If you have suffered losses because of the fraudulent actions of a First Allied broker, an investment fraud lawyer at Meyer Wilson could provide you with the representation to recover your losses.
First Allied has a recent history of investor complaints. In 2014, four investors brought a complaint against First Allied concerning broker Amram Yahalom’s sale of stock in Luxtera, a technology start-up. Yahalom sold Luxtera on a valuation that was more than 20 times its projected revenue for 2008. The investors argue that Yahalom was deceptive and negligent in his selling of Luxtera, which violates FINRA’s requirements for due diligence.
The Financial Industry Regulatory Authority (FINRA) makes First Allied Securities legally responsible for its brokers. Investors have the legal right to suitable financial recommendations that align to their interests, so if a broker offers negligent or unlawful investment advice, his or her firm may be held responsible for any damages the investor suffers. Losses as a result of broker misconduct can be recouped by the firm by which the broker is licensed.
If you have suffered losses due to an unethical First Allied Securities broker, you need experienced attorneys on your side to recover your losses. Meyer Wilson attorneys won our clients over $350 million in arbitration awards against investment firms, so we have the proven expertise and resources to provide the representation you need. We conduct arbitration through FINRA and the American Arbitration Association (AAA) for clients nationwide and internationally.