According to the Financial Industry Regulatory Authority (FINRA), Alabama-based brokerage Sterne Agee Financial Services has signed a letter of Acceptance, Waiver, and Consent (AWC Letter) settling allegations of misconduct. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Sterne Agee Financial Services (CRD# 18456).
Formed in Delaware in 2002, Sterne Agee Financial Services is headquartered in Birmingham, Alabama and registered in 52 US states and territories. Jay Wilson Carters is Chief Executive Officer; Brian Lane Parker and William Richard Pintaric are Co-Chief Compliance Officers; Marcus Bryant Richardson is Chief Operating Officer; Corner Fried Wagstaff III is Chief Financial Officer and Treasurer.
According to the firm’s BrokerCheck report, Sterne Agee is the subject of seven regulatory actions and three customer complaints that evolved into arbitration.
In September 2015 FINRA sanctioned Sterne Agee following allegations the firm failed to enforce its supervisory procedures prohibiting the solicitation of inverse or leveraged exchange-traded funds (ETFs). According to FINRA, a firm representative solicited 996 transactions in leveraged and inverse ETFs and mis-identified each order ticket as “unsolicited” despite the fact that he had solicited all of them. FINRA additionally alleges Sterne Agee failed to investigate whether these transactions were in fact unsolicited. Sterne Agee has signed an AWC letter consenting to a censure and a fine of $25,000.
In 2013 FINRA sanctioned Sterne Agee following allegations the firm failed to establish and maintain supervisory procedures adequately designed to prevent unsuitable excessive trading and churning of customer accounts. Sterne Agee was censured and issued a fine of $75,000.
In 2013 FINRA alleged Sterne Agee failed to use reasonable diligence to determine the optimal inter-dealer market and failed to buy and sell in such a market so that its customers enjoyed the as favorable prices as were possible. Sterne Agee was censured and issued a fine of $50,000.
In 2006 a customer alleged Sterne Agee failed to supervise its representatives, omitted material facts related to an investment, and acted negligently. The complaint resulted in an award to the customer of more than $182,500.
In 2005 a customer alleged Sterne Agee executed unauthorized trades and misrepresented material facts related to an unsuitable investment. The complaint resulted in an award to the customer of more than $315,600.
In 1996 a customer alleged Sterne Agee breached its fiduciary duty, misrepresented and recommended an unsuitable investment, and acted negligently. The complaint resulted in an award to the customer of $10,000.
If you have lost money investing with Sterne Agee Financial Services, you may be eligible to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you collect money. By law there is a limited window to file claims, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.