Alton Securities Group, Inc.— Failure to Establish, Implement, and Maintain a Reasonable SupervisorySystem
Alton Securities Group, Inc. Allegedly Failed to Establish, Implement, and Maintain a Supervisory System Reasonably Designed to Ensure that Registered Reps Made Suitable Recommendations of Complex Products
Alton Securities Group, Inc. allegedly failed to establish, implement, and maintain a supervisory system reasonably designed to ensure that registered representatives made suitable recommendations of complex products, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
Alton Securities Group, Inc. also allegedly failed to adopt and implement adequate supervisory procedures relating to markups and markdowns on corporate debt transactions, said AWC also reports.
Alton Securities Group, Inc. Ordered Partial Restitution of $75k for Failure to Establish, Implement, and Maintain an Adequate Supervisory System
Alton Securities Group, Inc. allegedly failed to establish, implement, and maintain an adequate supervisory system, and hence, allegedly violated NASD and FINRA Rules, and has been fined $75,000 by FINRA.
In addition, Alton Securities Group, Inc. allegedly recommended 642 purchases of Non-Traditional ETFs in 225 different accounts, with markups and markdowns for said ETF’s ranging from 3.02-4.73%, the AWC reports.
One should also note that, according to the AWC, Matthew Charles Woodard neither admitted nor denied the FINRA findings.
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result of failure to establish, implement, and maintain an adequate supervisory system. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of failure to establish, implement, and maintain an adequate supervisory system are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.