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FINRA Sanctions Next Financial For Supervisory Deficiencies & Structured Product Sales

FINRA Sanctions Next Financial For Supervisory Deficiencies & Structured Product Sales

FINRA Sanctions Next Financial For Supervisory Deficiencies & Structured Product Sales 150 150 Rex Securities Law

In May 2014, the Financial Industry Regulatory Authority (FINRA) fined Houston- based NEXT Financial Group, $88,750 for various regulatory deficiencies, including:

  • NEXT failed in some instances to timely and/or accurately report customer complaints about a broker’s regulatory filings
  • NEXT’s former general counsel was actively engaged in the supervision of NEXT’s chief compliance officer but did not possess the necessary FINRA principal registration
  • NEXT offered and sold various structured products to retail customers without having in place a supervisory system designed to detect and unsuitable sales
  • NEXT’s written supervisory procedures did not provide sufficient guidance on supervision or suitability in the context of structured products
  • NEXT had no system or procedure in place to detect or flag for review potential over concentrations of structured products in customer accounts
  • NEXT did not have a formal training program addressing structured products

If you have losses on structured products purchased from NEXT Financial, call to discuss your legal options.

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.

Rex Securities Law

561 391 1900

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