Lombard Securities Incorporated—Failure to Prevent Unsuitable Mutual Fund Switching and Supervision of the Sale of Certain ETF’s
Lombard Securities Incorporated Allegedly Failed to Prevent Unsuitable Mutual Fund Switching and to Supervise the Sale of Leveraged, Inverse, and Inverse-leveraged Exchange Traded Funds
Lombard Securities allegedly Failed to Prevent Unsuitable Mutual Fund Switching and to Properly Supervise the Sale of Leveraged, Inverse, and Inverse-leveraged Exchange Traded Funds (ETF’s), according to a recent Complaint from FINRA’s Department of Enforcement.
The Complaint further alleges that Lombard Securities allegedly failed to provide applicable sales charge discounts for 74 UIT trades in approximately 50 customer accounts, the aforementioned Complaint notes.
Lombard Securities alleged failure to provide applicable sales charge discounts allegedly resulted in approximately $25,037.23 in total missed discounts, the Complaint reports.
Lombard Securities Incorporated Censured and Fined $50,000 by FINRA
Lombard Securities, over the course of several years, allegedly failed to meet its supervisory responsibilities in several areas, according to a recent Complaint from FINRA’s Department of Enforcement.
For example, between August 2009 and March 2012, Lombard allegedly failed to establish, maintain, and enforce a supervisory system and written supervisory procedures, the Complaint notes.
By reason of the foregoing, Lombard violated NASD and FINRA Rules, and, hence, has been censured and fined $50,000 by FINRA, the Complaint reports.
The Peiffer Wolf Securities Lawyers Often Help Investors
The Peiffer Wolf securities lawyers assist investors who lose money as a result of failure to prevent unsuitable mutual fund switching. 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 failure to properly supervise the sale of leveraged, inverse, and inverse-leveraged ETF’s are encouraged to contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.