August 2018-Madison, WI
Buttonwood Partners, Inc. a FINRA registered broker dealer with principal offices located in Madison, Wisconsin, was recently censured and fined $50,000 by FINRA for having inadequate procedures in place to prevent unauthorized transfers from customer accounts.
As a result a hacker was able to hack a customer’s email which resulted in the fraudulent transfer of over $200,000 from the customer’s account to accounts controlled by the hacker. After a series of fraudulent transfers were made out of the account, Buttonwood received a wire request for a $205,000 transfer to a company in Malaysia resulting in Buttonwood contacting the customer and discovery of the fraud. FINRA AWC 20150451440.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
If you have questions in an account at Buttonwood Partners, call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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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