Spartan Securities Group, Ltd. of Clearwater, Florida was fined $95,000, required to revise its written supervisory procedures and to pay restitution to a customer by FINRA to resolve allegations that it failed to contemporaneously or partially execute customer limit orders in securities after it traded each subject security for its own market-making account at a price that would have satisfied each customer’s limit order, and failed to pass along a price improvement to a customer limit order.
The FINRA findings also state that the firm failed to establish and maintain a supervisory system designed to achieve compliance with respect to certain applicable SEC and NASD rules.
Rex Securities Law provides nationwide representation to investors 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. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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