According to records provided by the Financial Industry Regulatory Authority, Pennsylvania-based brokerage and advisory firm BestVest Investments has been sanctioned for its alleged failure to supervise transactions involving exchange traded funds (ETFs). The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding BestVest Investments (CRD# 38441829).
Formed in Michigan in 1995, BestVest Investments is based in Media, Pennsylvania and registered in 50 US states and territories. James William O’Connor is President and Financial Principal; William Gresham Cooney is Chief Compliance Officer.
According to the firm’s BrokerCheck report, BestVest Investments is the subject of three regulatory sanctions.
In July 2015 FINRA sanctioned BestVest Investments following allegations the firm failed to establish and maintain a supervisory protocol to monitor transactions in leveraged, inverse, and inverse-leveraged exchange traded funds. According to FINRA, BestVest Investments allowed its representatives to recommend and sell non-traditional ETFs despite a lack of supervisory protocols monitoring these sales. BestVest Investments allegedly failed to provide its investors with training or guidance regarding the sale of non-traditional ETFs, which have “unique features” and “notable risk factors,” according to FINRA. BestVest Investments was censured and issued a fine of $15,000.
In 2001 the National Association of Securities Dealers (NASD) sanctioned BestVest Investments following allegations, among others the firm used “mails or other means or instrumentalities of interstate commerce” to execute securities transactions at a time when its debt to debt equity exceeded 70%. BestVest Investments was censured and issued a fine of $14,000.
In 1996 the Minnesota Department of Commerce sanctioned BestVest Investments following allegations there was “no activity with respect to the firm’s application for licensure for a period of 120 days.” BestVest Investments was censured and its application for licensure was withdrawn.
If you have suffered losses while investing with BestVest Investments, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.