Public records published by the Financial Industry Regulatory Authority (FINRA) on March 2, 2017 indicate that California-based broker-dealer firm National Planning Corporation has been sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding SII Investments (CRD# 29604).
Established in Delaware in 1991, National Planning Corporation is headquartered in El Segundo, California and registered with 52 US states and territories. It is part of National Planning Holdings. John Johnson is President and Chief Executive Officer; Michael Schab is Vice President of Compliance; Patricia McCallop is Chief Compliance Officer.
According to the firm’s BrokerCheck report and FINRA records has been the subject of ten regulatory events and four customer complaints evolving into arbitration, including one recent FINRA sanction.
In February 2017 FINRA sanctioned National Planning Corporation following allegations the firm “disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge,” and who were “e Instead sold Class A shares with a front.end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.” The firm allegedly “failed to reasonably supervise the application of sales charge waivers to eligible mutual fund sales” and instead “relied on their financial advisors to determine the applicability of sales charge waivers, but failed to maintain adequate written policies or procedures to assist financial advisors in making this.determination.” The firm was censured and issued a fine of $60,000.
If you have complaints regarding National Planning Corporation, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.