B.C. Ziegler and Company Fined and Censured Relating to Sales of Church Bonds
B.C. Ziegler and Company, a full service brokerage firm headquartered in Chicago, Illinois, was sanctioned by the Financial Industry Regulatory Authority (“FINRA”) relating to allegations that it failed to implement a supervisory system related to the sale of Church Bonds and that it used Church Bond sales material that was not fair and balanced.
B.C. Ziegler failed to implement a supervisory system from January 1, 2009 through May 30, 2012 reasonably designed to ensure that important financial information regarding Church Bonds, including delinquent sinking fund payments, was provided to the firm’s registered representatives, trading desk, and customers, and that such information was factored into the pricing of Church Bonds sold to customers in secondary market transactions, according to FINRA.
B.C. Ziegler also used Church Bond sales material with customers that was not fair and balanced from January 1, 2009 through May 30, 2012, according to FINRA. The sales material focused on the yields associated with Church Bonds while failing to balance the presentations by informing investors of the risks associated with these bonds, according to FINRA.
B.C. Ziegler consented to being censured and fined $150,000 without admitting or denying FINRA’ s findings.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. 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 investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.