The Financial Industry Regulatory Authority (FINRA) recently brought an enforcement action against 79 Capital Securities of Orlando, Florida, and its CEO and controlling shareholder Michael M. Ward.
In Case #2103035565002, FINRA alleged that 79 Capital Securities and Ward posted on a business website sales material regarding GWG Renewable Secured Debentures, an illiquid and high-risk alternative investment that omitted material information in violation of NASD Rule 2210 and Rule 2010. FINRA also alleged that they permitted sales of the product by a person not approved to sell debentures and failed to enforce the firm’s written procedures requiring new account forms for such transactions.
Without admitting or denying the findings, 79 Capital Securities and Ward agreed to entry of the findings and a fine of $25,000. Ward was suspended for 20 calendar days.
If you suffered significant damages as a result of investing in GWG Renewable Secured Debentures, 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.
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