Girard Securities Undergoing SEC Audit Focusing on Supervision of Branch Offices

stockbroker misconduct lawyers

Girard Securities recently gave notice to its advisers that an SEC audit of the firm is focusing on supervision of branch offices, in conjunction with an industry-wide move by the agency. Susie Woltman Tietjen, CEO of Girard, characterizes regulator’s data request as “massive” and suggests it is part of bigger investigation, according to SEC documents currently under review by attorneys Jason Kane and Joe Peiffer.

Broker-dealers often do not enjoy requests from regulators that require big dumps of data. Such requests can consume staff hours and often leave firms bewildered as to what regulators are truly looking for as data is compiled. The Peiffer Wolf investment recovery lawyers are currently investigating Girard Securities and its current SEC audit.

Nicholas Schorsch Was Executive Chairman of RCS Capital Corp (RCAP), which Reportedly Agreed to Buy Girard

In August of 2014, RCS Capital Corp., known by its ticker RCAP, said it had agreed to buy privately held Girard, which has about 250 producing financial advisers and $10 billion of assets under administration.

During August of 2014, nontraded real estate investment trust czar Nicholas Schorsch was executive chairman of RCAP. He resigned that position in December as part of his wide withdrawal from the various public entities he controls. According to an internal memo, Girard is expecting approval of the acquisition at the end of February by the Financial Industry Regulatory Authority Inc.

Investment Recovery Lawyers Investigating

The Peiffer Wolf investment recovery attorneys often represent investors who lose money as a result of investment misconduct. 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.

Any Investors who believe they lost money as a result of investment-related misconduct or fraud may contact the investment rights attorneys at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

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