PFS Investments, a subsidiary of Primerica Financial Services, offers investment products and financial planning services for middle-income families. PFS Investments operates through a network of representatives who offer personalized financial strategies.
If you suffered investment losses of more than $100,000 due to the alleged misconduct of PFS Investments, our investment and securities fraud lawyers who handle brokerage firm investment loss claims are here for you to evaluate your potential claims. Our legal team has recovered over $350 million for our clients since 1999.
Led by industry-renowned trial attorneys, U.S. News named us among The Best Lawyers in America.® We can investigate your PFS Investments fraud claim, pursue the recovery of your losses in arbitration, and hold those responsible accountable for their actions.
Contact us today to protect and restore your financial security via a PFS Investments lawsuit or arbitration.
About PFS Investments
Primerica Financial Services, founded in 1981, is headquartered in Duluth, Georgia, and includes subsidiaries like PFS Investments. The company originated from A.L. Williams, established in 1977, which later rebranded and expanded its offerings to include investment services under PFS Investments.
The financial services offered by PFS Investments include:
- Stocks and bonds
- Mutual funds
- Fixed indexed annuities
- Variable annuities
PFS Investments operates under strict regulatory oversight to ensure compliance with financial laws and protect investors. It is governed by the Securities and Exchange Commission (SEC), which enforces federal securities laws and oversees the securities industry to maintain fair and efficient markets.
Additionally, PFS Investments is regulated by the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization responsible for overseeing brokerage firms and their registered representatives. FINRA’s role includes enforcing ethical conduct, ensuring proper licensing, and protecting investors by addressing misconduct within the securities industry.
This dual-layered oversight ensures that PFS Investments adheres to the highest standards of accountability and transparency in its operations.
If you suspect that your advisor’s negligence or misconduct caused your losses, an investment fraud lawyer can investigate and determine if you should file a claim against the brokerage firm.
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Claims of Misconduct and Fraud Against PFS Investments
Claims of financial misconduct and fraud against PFS Investments involve outside business allegations, failure to supervise, and other forms of financial misconduct. Regulatory bodies have investigated and taken action against the firm in response to such allegations.
BrokerCheck Report lists 25 disclosures for PFS Investments, Inc., of which are 21 regulatory events, one bond, and one arbitration. The sooner you contact an investment fraud lawyer from Meyer Wilson, the more time we can spend working on your case.
Outside Business Allegations
FINRA sanctioned PFS Investments for failing to enforce its requirement that representatives submit written notice of outside business activities (OBAs), violating FINRA Rule 3270.
Between April 2021 and March 2023, PFSI was aware that three representatives operated an independent company generating $33 million in revenue through e-commerce services and digital real estate. The company failed to secure the required written disclosures; instead, the firm approved the activity orally, despite internal procedures requiring written disclosure.
The firm eventually prohibited the OBA’s advertising and demanded its termination in 2022, but action was delayed until all involved representatives left by March 2023. FINRA imposed a censure and a $60,000 fine for these oversight failures.
Failure to Supervise
FINRA Rule 3110 requires firms to create strong supervisory systems to ensure they follow securities regulations and protect investors. Firms must appoint qualified supervisors to oversee their staff’s activities and prevent violations.
They also need to develop and maintain Written Supervisory Procedures (WSPs) that outline the steps supervisors should take to monitor and manage operations.
These procedures must cover key areas like reviewing customer accounts, communications, outside business activities, and other compliance issues.
Allegations of Financial Advisor Misconduct
Several financial advisors tied to the company face misconduct allegations, including former PFS Investments broker Daniel Winger. FINRA barred him for misusing approximately $100,000 of an elderly client’s funds for personal gain.
Winger allegedly misled the client into believing the funds would cover taxes and commissions, but instead, he deposited the checks into his personal account. After 31 years in the securities industry, Winger was discharged from PFS Investments in August.
You Can Recover Your Investment Losses
When a financial advisor’s negligence or misconduct leads to severe losses in your investment portfolio, you have options to recover.
A securities fraud attorney will gather the necessary evidence to show what happened. Your lawyer can help recover your losses through a FINRA arbitration.
Understanding FINRA Arbitration
The FINRA arbitration process allows investors to resolve disputes with firms like PFS Investments over alleged investment misconduct.
It begins with the filing of a claim detailing the misconduct, such as unsuitable investment recommendations. After filing, both parties select arbitrators who will review evidence and hear testimony. The FINRA arbitration is binding.
The process is faster than court litigation, but it still requires preparation and supporting documentation. Consider working with an attorney experienced in securities arbitration to navigate the process and increase the chances of a favorable outcome.
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At Meyer Wilson, we have been in business for over 25 years. Our experienced team has the knowledge and skills to take on claims against the largest financial firms. The sooner you contact us, the more time we can spend on strengthening your case.
Facing investment professionals and powerful corporations can be stressful, especially if you already suffered significant losses in your investment portfolio. Partnering with a skilled securities fraud attorney will improve your chances of achieving a favorable outcome.
If PFS Investments or one of their advisors betrayed your trust, you can hold them accountable and recover your losses. Contact us today to evaluate your potential claim.
Recovering Losses Caused by Investment Misconduct.