On February 5, 2016, MidAmerica Financial Services entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from 2010-2014, MidAmerica Financial Services failed to commit sufficient time, attention and resources to compliance and supervision.
The FINRA AWC alleges, in part:
“…even after regulators brought multiple supervisory failurcs to the attention of the firm and its management, MFS’s failure to create a culture of’ compliance is evident in the firms numerous and repeatecl failures to establish and implement adequate supervisory systems – for, among other things, sales of private offerings, review and retention of electronic correspondence, wholesaling activities, private securities transactions of registered individuals, sales of variable annuities, receipt of gifts and gratuities, and use of social-media sites – all of which constitute discrete violations of NASD Conduct Rule 3010 and FINRA Rule 2010. In addition, MFS violated FINRA Rules 2330 and 3220, NASD Rule 3040, Section 17(a) ofthe Securities Exchange Act of 1934, Exchange Act Rule 17a-4, FINRA Rulfe 451 1, and MSRB Rule G-27.”
AWC No. 2014039169401
MidAmerica Financial Services was censured and fined $150,000.
On December 2, 2015, FINRA cancelled the registration of MidAmerica Financial Services for failure to pay FINRA fees.
MidAmerica Financial Services had been a FINRA member since 1999, with headquarters in Joplin, Missouri and branch offices across the country.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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