Red Bank, NJ
UPDATE June 2017-Garden State Securities reports 21 prior regulatory events on their FINRA records, including the following recent matter:
- 4/2017-Agreed to FINRA censure and a fine of $25,000 to resolve allegations that from July 2011-June 2012 the firm failed to establish maintain and enforce a reasonably designed system and written supervisory procedures for the sale of certain non-traditional exchange traded funds ETFs).
June 16, 2015
Garden State Securities based in Red Bank, New Jersey, entered into an Order Accepting Offer of Settlement with FINRA to resolve allegations that they failed to comply with FINRA rules regarding the reporting of customer complaints and arbitrations and other violations.
The findings in Disciplinary Proceeding No. 2011025318202, include:
- Between 2/2010-3/2012 Garden State Securities failed to timely report four arbitration settlements, an internal disciplinary action and summary information on 46 customer complaints
- From 7/2009-3/2012 Garden State Securities did not properly report the other business activities of 25 brokers and arbitration/litigation customer complaints for eight brokers.
- The Wellington, FL, office violated FINRA Conduct Rule 2212 by failing to include the firm phone number and address during a telemarketing effort in September 2011.
- Garden State Securities failed to conduct its business in observance of high standards of commercial honor and just and equitable principles of trade in violation of FINRA Rule 2010.
Garden State Securities was censured and fined $85,000.
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