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 Alan Rosca 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 Rosca 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 Rosca 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1163 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.