Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

NEXT Financial Group, Inc.

Consult with Our Legal Team
There is never a cost associated with a consultation
Brokerage Firms
For The Advocacy You Deserve Contact Us Today!
We’ll respond and let you know the best way to proceed with your case.

NEXT Financial Group, Inc.

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:

    1. Over the age of 80 (against firm policy);

    1. Who lacked suitability and were over-concentrated;

    1. Who lacked the annual income required; and

    1. 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.

Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
crosschevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram