Crescent Securities Group Investigation
June 2023- Dallas, Texas
In a recent FINRA Letter of Acceptance Waiver and Consent, Austin-based Crescent Securities Group (CRD 114993) was censured and fined $30,000 for failing to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA rules. Findings stated that a registered representative at the firm bought and sold in excess of $161 million of inverse floating rate collateralized mortgage obligations, which they sold to institutional customers.
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.
According to FINRA Crescent Securities Group failed to establish and maintain a supervisory system, including reasonable written supervisory procedures. Findings stated that a registered representative at the firm bought and sold in excess of $161 million of inverse floating rate collateralized mortgage obligations, which they sold to institutional customers.
Crescent Securities Group, Inc., a full service broker dealer and fully integrated financial management firm is based in Texas and has been a FINRA member since 2001.
If you have losses in an account at Crescent Securities Group, Inc., contact us 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, at no cost to you.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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