Genworth Financial Securities Corporation Failed to Adequately Supervise Procedures, Leading to Churning and Burning of Customer Accounts, Allegedly

stockbroker fraud lawyerThe 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.

Alan Rosca (1174 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.