February 8, 2016- Austin , Texas
The Texas State Securities Board (TSSB) has filed a Notice of Hearing to determine whether PTI Securities & Futures, L.P. should by reprimanded and fined $80,000 for improperly wiring more than half of a 75 year old Texas client’s retirement account to unknown parties.
According to the Notice of Hearing, in 2015 PTI Securities & Futures LP sent two payments, totaling over $91,000, to someone who requested the distributions using the client’s email address. The TSSB alleges that the distribution request forms list an incorrect social security number and date of birth for the client (the client was born in 1934 and the form listed 1969) and included a signature that does not match the client’s authentic signature.
The two distributions which were sent to a person in Alabama, accounted for over 60% of the client’s balance in the retirement account. When a third distribution request was made that would have nearly wiped out the account, the bank holding the funds rejected the request leading to the discovery of the fraud.
The TSSB contends that PTI Securities failed to follow its own written procedures which could have prevented the fraud.
PTI Securities & Futures L.P. has been a FINRA member since 1992. Their main office is located in Chicago, IL. There is currently a regulatory matter pending in the State of Illinois on what appears to be this same matter. Illinois proceeding #1500161.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are 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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