Founded in 1999, NEXT Financial Group, Inc. (“NEXT”) is an independent broker-dealer and registered investment adviser headquartered in Houston, Texas. As of February 2023, the firm had 435 registered representatives and 15,664 clients of various types, though well over half are individuals. It also has $3.1B+ in assets (all discretionary). Owned by NEXT Financial Holdings, Inc. its 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 NEXT Financial Group, Inc.
NEXT 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.
NEXT and brokers backed by NEXT have a history of misconduct. FINRA’s BrokerCheck report lists 32 disclosures for the firm (26 regulatory; 3 arbitrations; and 3 bonds).
In late 2019, NEXT was hit with fines totaling $475,000 for issues related to non-traded REITs. In December 2019, NEXT was fined $235,000 as well as the costs of the investigation ($90,000) after the New Hampshire Bureau of Securities Regulations initiated a claim against the firm for actions allegedly occurring between 2009 and 2016. During this time, NEXT was found to have sold non-traded REITs to a number of clients:
- Over the age of 80 (against firm policy);
- Who lacked suitability and were over-concentrated;
- Who lacked the annual income required; and
- Who lacked the risk tolerance for them.
That same month, Massachusetts brought a claim against NEXT for very similar actions. It was alleged that between January 2007 and December 2017, the firm approved of the sale of non-traded REITs by a registered representative who exceeded the firm’s concentration guidelines for non-traded REITs. As a result, NEXT was censured and fined $150,000.
In July 2021, NEXT was censured and fined $750,000 after FINRA found that the firm failed to detect that one of its brokers, who from 2012 through 2019, was engaged in short-term trading of mutual funds A shares and municipal bonds, which are both designed as long-term investments since they have higher up-front sales commissions. The broker also overconcentrated a number of customers, including senior citizens. As a result, 19 customer accounts incurred unnecessary sales charges totaling approximately $925,000 and losses of approximately $4.1M.
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 NEXT Financial Group, Inc., 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.
Northwestern Mutual Investment Services
Founded in 1968, Northwestern Mutual Investment Services (“NMIS”) is a broker-dealer and registered investment adviser serving the investment planning and product needs of individuals and businesses. Headquartered in Milwaukee, Wisconsin, NMIS is a wholly owned company offering investment services in 60+ cities nationwide. The firm’s client investable assets total $29B+. As of March 30, 2022, the firm had 2,216 registered representatives. Its brokers are licensed in all 50 states as well as the District of Columbia.
Financial Misconduct at Northwestern Mutual Investment Services
NMIS 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.
NMIS and brokers backed by NMIS have a history of misconduct.
In April 2020, FINRA initiated a claim against NMIS, alleging that between 2005 and 2017, the firm failed to establish, maintain, and enforce a supervisory system that was reasonably designed to review and monitor the transmittals of funds from the accounts of customers to third party accounts and outside entities in violation of applicable rules.
A registered representative converted $473,496 from his customers’ variable annuities through distributions and transfers to his personal bank account. In order to convert these funds, he forged their signatures. NMIS failed to make sure that the clients were the ones who had effected the transfers. Additionally, the representative effected unauthorized transfers of funds totaling $121,123 from two customers’ variable annuities to another customer’s bank account for the purpose of concealing the missing money that he had previously converted. As a result, NMIS was censured and fined $350,000.
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 Northwestern Mutual Investment Services, 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.
Packerland Brokerage Services, Inc.
Founded in 1994, Packerland Brokerage Services, Inc. (“PBSI”) is an independent broker-dealer headquartered in Green Bay, Wisconsin. As of December 14, 2022, the firm had 3,978 clients (nearly 60% individuals) and $740.7M in assets under management (AUM). It has 149 employees, with brokers who are licensed in all 50 states as well as the District of Columbia.
Financial Misconduct at Packerland Brokerage Services, Inc.
PBSI 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.
PBSI and brokers backed by PBSI have a history of misconduct.
In December 2017, the Securities and Exchange Commission (SEC) initiated a claim against PBSI (and another firm). From at least January 2012 through December 2015, the firm was found to have made inadequate disclosures and failed to seek the best execution for their clients related to particular class of mutual fund shares. As a result, PBSI was ordered to pay disgorgement of $432,949.80, prejudgment interest of $23,937, and a civil penalty of $80,000.
Based on its BrokerCheck report, the firm also has a history of failing to supervise its representatives.
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 Packerland Brokerage Services, Inc., 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.
Park Avenue Securities
Founded in 1999, Park Avenue Securities (“PAS”) is a broker-dealer with $10.6B in assets under management (AUM) as of December 14, 2022. Headquartered in New York, New York, PAS is a wholly-owned subsidiary of The Guardian Life Insurance Company of America, which has been around since 1860. The firm employs 1,697 people and services 54,606 clients (mostly individuals). Its 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 Park Avenue Securities
PAS 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.
PAS and brokers backed by PAS have a long history of misconduct. Per FINRA’s BrokerCheck report, the firm has 21 disclosures (18 regulatory events and 3 arbitrations) as recently as August 2022.
Sadly, PAS has a history of overcharging customers. In July 2019, FINRA initiated a claim against PAS, finding that the firm disadvantaged some retirement plan and charitable organization customers who were eligible to purchase Class A shares in specific mutual funds without a front-end sales charge. However, these customers were instead sold Class A shares with a front-end sales charge or Class B or C shares, which had back-end sales charges as well as higher ongoing fees and expenses.
PAS lacked adequate written supervisory procedures and failed to reasonably supervise its financial advisors, instead relying on them to determine whether a sales-charge waiver applied. As a result, it was estimated that since January 1, 2011, clients were overcharged approximately $560,170 for mutual fund purchases. PAS paid $640,552 in restitution (the amount overcharged plus interest).
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 Park Avenue 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.
Parkland Securities, LLC
Founded in 2001, Parkland Securities is a privately-owned, full-service independent broker-dealerheadquartered in Ann Arbor, Michigan. Originally named Sammons Securities Company, the firm changed its name on August 15, 2014. According to its most recently filed Form ADV, Parkland Securities has $6.8B+ in assets under management (AUM). Additionally, the firm has 36,841 accounts, approximately 964 clients, and 628 employees, with 610 being registered representatives. Its 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 Parkland Securities, LLC
Parkland Securities 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.
Parkland Securities and brokers backed by Parkland Securities have a history of misconduct. According to FINRA’s BrokerCheck report, Parkland Securities has 12 disclosures (11 regulatory events and 1 arbitration) as recently as October 2020.
During the approximate period of October 5, 2001 to November 15, 2019, the firm was fined nine times by securities regulators and once by a state regulator. Furthermore, during the same time period, Jerome Rydell, the owner and president of Parkland Securities was named in at least 47 FINRA arbitrations or civil litigations involving allegations of breach of fiduciary duty, fraud, or misrepresentation.
In March 2019, FINRA initiated a claim against Parkland Securities finding that the firm failed to establish, maintain, and enforce a supervisory system and therefore failed to comply with the sales of leveraged, inverse, and inverse-leveraged exchange-traded funds (ETFs). Parkland Securities lacked written materials to provide guidance to its representatives on how to determine the suitability of these products. Additionally, Parkland Securities failed to train its representatives concerning the associated risks of these products and lacked a system for detecting potentially unsuitable transactions. The firm was censured and fined $20,000.
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 Parkland Securities, LLC, 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
Principal Securities
Founded in 1968, Principal Securities is the retail broker-dealer and registered investment adviser (RIA) for the Principal Financial Group family of companies. Headquartered in Des Moines, Iowa, the firm offers products and solutions for both individuals and businesses, such as mutual funds, annuities, rollover IRAs, traditional and Roth IRAs, brokerage accounts, asset allocation programs, retirement planning, and more.
As of December 31, 2021, Principal Securities had $389M in total revenue; as of December 21, 2021, it had 127,747 brokerage accounts. Principal Securities is owned by Principal Financial Services, Inc. Its brokers are licensed in all 50 states as well as the District of Columbia, and Puerto Rico.
Financial Misconduct at Principal Securities
Principal Securities 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.
Principal Securities and brokers backed by Principal Securities have a long history of misconduct. According to FINRA’s BrokerCheck report, the firm has 15 disclosures (8 regulatory events; 2 civil events; 2 arbitrations; and 3 bonds).
In March 2019, Principal Securities failed to make necessary disclosures concerning mutual fund share class selection. During January 1, 2014 to December 31, 2018, the firm purchased, recommended, or held advisory clients’ mutual fund share classes that charged 12B-1 fees instead of lower-cost share classes of the same funds for which the clients were eligible. Principal Securities was required to pay disgorgement and prejudgment interest to the affected investors, which totaled $1.76M+.A month earlier, in February 2019, Principal securities was ordered to pay $248,217.94 after a registered representative of the firm had clients give him money to invest on their behalf but failed to ever invest or return the money.
The same thing occurred in October 2021. Principal Securities was required to pay $139,171.41 after a client of the firm alleged and provided documentation supporting her claim that she gave money directly to a representative of the firm to fund a new account, but the money was never invested.
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 Principal 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 through FINRA and the American Arbitration Association (AAA). As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.
Prospera Financial Services
Founded in 1982, Prospera Financial Services (“PFS”) is an independent broker-dealer headquartered in Dallas, Texas. PFS is a subsidiary of Prospera Financial, LLC. According to its website, the firm has 163 advisors and 76 Back Office staff throughout 94 locations. PFS also has $16B in total assets under management (AUM). Its 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 Prospera Financial Services
PFS 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.
PFS and brokers backed by PFS have a history of misconduct. According to FINRA’s BrokerCheck report, PFS has 14 disclosures (10 regulatory events; 3 arbitrations; and 1 bond).
In August 2016, the United States Securities and Exchange Commission (SEC) initiated a claim against PFS for misstatements that were made to some of its advisory clients, including clients with separately managed accounts invested in a strategy offered by F-Squared Investments, Inc. (“F-Squared”). From September 2011 to October 1, 2013, PFS advertised this strategy by negligently relying on F-Squared’s misrepresented over-inflated performance track record. PFS failed to obtain sufficient documentation to substantiate F-Squared’s advertising claims. As a result, PFS was ordered to pay a penalty of $100,000.
Other reasons for the many fines that have been levied against PFS over the years include:
- Breach of fiduciary duty
- Failure to supervise
- Churning
- Unauthorized trading
- Unsuitability
- Negligence
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 Prospera Financial Services, 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 through FINRA and the American Arbitration Association (AAA). As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.
Raymond James Financial Services
Raymond James Financial Services (“RJFS”) is a broker-dealer headquartered in St. Petersburg, Florida. Its origins date back to 1962 when Bob James incorporated the business as Robert A. James Investments.
- Then, in 1964, Edward Raymond sold Raymond and Associates to Bob James, with the agreement that Bob will name the new firm Raymond James & Associates.
- In 1968, Investment Management & Research, Inc. (IM&R), which would later become a part of RJFS, was formed.
- In 1980, Robert Thomas Securities is formed as an independent broker-dealer.
- In 1983 the firm went public.
- In 1999, IM&R and Robert Thomas Securities merged to form RJFS.
The firm, which is owned by Raymond James Financial, Inc., has approximately 8,700 financial advisors in the U.S., Canada, and overseas. As of the end of 2022, it has approximately $1.17T in client assets. Its 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 Raymond James Financial Services
RJFS 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.
RJFS and brokers backed by RJFS have a long history of misconduct. According to FINRA’s BrokerCheck report, the firm has 160 disclosures (84 regulatory events and 76 arbitrations).
In August 2022, RJFS was ordered to pay $67,917.01 after a FINRA arbitration panel found that the firm was guilty of breach of fiduciary duty; churning; fraud; misrepresentation; omission of facts; suitability; unauthorized trading; violation of Blue Sky laws; breach of contract; failure to supervise; margin calls; and negligence.
In October 2022, FINRA initiated a claim against RJFS, finding that the firm failed to have a qualified and registered principal authorize changes to the account name or designation on more than 7,500 equity orders. The unapproved changes resulted in customer losses, for one customer in the approximate amount of $100,000. RJFS was censured and fined $800,000 and ordered to pay $48,574.79 plus interest, in restitution to its customers.
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 Raymond James Financial Services, 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 through FINRA and the American Arbitration Association (AAA). As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.
RBC Capital Markets, LLC
RBC Capital Markets, LLC (RBCCM) is a broker-dealer and registered investment adviser (RIA) headquartered in New York, New York. RBCCM has origins dating back to 1901, when it was originally founded as Dominion Securities Corporation Limited. In 2022, the firm had $9.1B in revenue, with $2.9B in net income. Globally, RBCCM has 6,400+ professionals at 63 offices in 18 countries. The firm also has 16,500+ clients in over 100 countries. Its 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 RBC Capital Markets, LLC
RBCCM 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.
RBCCM and brokers backed by RBCCM have a long history of misconduct. According to FINRA’s BrokerCheck report, the firm has 469 disclosures (346 regulatory events; 2 civil events; 114 arbitrations; and 7 bonds). The firm had six regulatory events in 2022 alone.
On January 12, 2022, RBCCM paid a fine of $2.6M to FINRA. From January 2014 to December 2018, the firm failed to report OTC options positions in violation of a FINRA rule. This resulted in errors in the reporting logic of RBCCM’s internal risk system, which the firm failed to detect for years.
In October 2022, FINRA initiated a claim against RBCCM, finding that the firm lacked a supervisory systemreasonably designed to review paper statements from employees’ outside brokerage accounts in a timely manner. RBCCM had no designated timeframe to track, reconcile, and review statements. This led to a backlog of approximately 8,950 unreviewed account statements. The firm also lacked procedures for following up on missing statements. RBCCM was censured and fined $360,000.
Other reasons why RBCCM has been fined over the years include:
- Misappropriation of funds
- Breach of fiduciary duty
- Breach of contract
- Fraud
- Unsuitability
- Misrepresentation and omissions
- Unauthorized trading
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 RBC Capital Markets, LLC, 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 through FINRA and the American Arbitration Association (AAA). As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.
