Founded in 2001, Parkland Securities is a privately-owned, full-service independent broker-dealer headquartered 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.
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