In connection with the sale of GWG Renewable Secured Debentures, in July 2014, FINRA censured Center State Securities, imposed a fine of $100,000 and required an undertaking that Center Street Securities conduct a comprehensive review of the adequacy of it policies and procedures related to reviewing and approving alternative investments as well as responding to regulatory requests.
In the enforcement action FINRA alleged that the sale of GWG Renewable Secured Debentures were unsuitable for the persons to whom the firm sold them because they were high risk and the purchases constituted excessive concentration levels of the customer’s total investable assets. FINRA also alleged that during 2012, Center Street distributed an inaccurate GWG sales brochure and that some customer account forms contained inaccurate information about the customer’s net worth.
If you suffered damages as a result of purchasing GWG Renewable Secured Debentures from Center Street Securities, you may be able to recover damages through FINRA arbitration. Call for a no cost evaluation of your case.
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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