Genworth Financial Securities Corporation Failed to Adequately Supervise Procedures, Leading to Churning and Burning of Customer Accounts, Allegedly
The Peiffer Rosca Wolf investor rights lawyers are currently investigating Genworth Financial.
Genworth Financial, a member firm since 1982, was fined for allegedly failing to ensure adequate supervisory procedures concerning supervisory of active customer accounts for excessive trading thus allowing brokers to churn customer accounts, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC) currently being assessed by attorneys Alan Rosca and Joe Peiffer.
Investors who believe they lost money as a result of the alleged misconduct of Glenworth Financial may contact the investor rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Genworth Allegedly Had No System in Place to Monitor Active Accounts for Excessive Trading
From July 2009 through June 2012, Genworth failed to establish and maintain a supervisory system and enforce written supervisory procedures reasonably designed to identify and prevent unsuitable excessive trading and churning in customer accounts, according to a FINRA AWC currently being reviewed by attorneys Alan Rosca and Joe Peiffer.
In addition, Genworth allegedly provided for the monthly review of an Active Account Report, yet no such report existed, and no other systems were in place to monitor for excessive trading, according the aforementioned AWC.
Investment Fraud Lawyers Investigating
The Peiffer Rosca Wolf investor rights lawyers 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 Genworth Financial victims with the recovery of any 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 Genworth Financial’s alleged misconduct may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.