Founded in Chicagoland in 1974, LaSalle St. Securities (“LaSalle”) is a broker-dealer owned by McDermott Holdings. While it began serving independent financial advisors, in the late 1980s the firm expanded to include financial institutions, insurance companies, other broker-dealers, registered investment advisers (RIAs), and advisors.
Today, LaSalle is headquartered in Elmhurst, Illinois and boasts 300+ representatives across the U.S. and $13B+ in assets under management (AUM). LaSalle’s brokers are licensed in all 50 states as well as the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
Financial Misconduct at LaSalle St. Securities
LaSalle is licensed by the Financial Industry Regulatory Authority (FINRA), and as such is legally obligated to ensure its brokers are acting lawfully in the interest of their investors. If a client suffers losses as a result of negligent behavior or misconduct from a broker, then the firm may be held legally responsible to repay the damages.
LaSalle and brokers backed by LaSalle have a long history of misconduct and complaints dating back to 1992.
In November 2014, FINRA initiated a claim against LaSalle, after FINRA staff found that in the course of two routine examinations, there were deficiencies that occurred at different times during a four-year period.
These deficiencies included 1) a small, limited offering to four accredited investors about which the firm did not investigate completely; 2) a flawed summary of financial projections in a PPM; 3) insufficient supervision of two registered representatives engaged in private securities transactions outside of the firm; and 4) an inadequate system in place for ensuring that certain representatives issuing consolidated reports followed proscribed procedures. LaSalle was ultimately fined $175,000.
Over the years, LaSalle has been fined for a variety of other violations including:
Wondering If You Have a Claim? Contact Our Firm Now!
Meyer Wilson reclaimed $350 million for the victims of investment fraud or misconduct. Our attorneys are experienced in going up against the largest investment firms, such as LaSalle St. Securities, and our track record affirms our resources and expertise. Meyer Wilson has represented clients nationwide and internationally, in state and federal courts, and in securities arbitration. As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.
