Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 22, 2017 indicate that Florida-based brokerage and advisory firm Invest Financial Corporation was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Invest Financial Corporation (CRD# 12984).
Established in Delaware in 1982, Invest Financial Corporation is headquartered in Tampa, Florida and registered with 53 US states and territories. National Planning Holdings is Shareholder; Caren Coleman is Vice President; Jason Albino is Senior Vice President and Chief Compliance Officer; Maura Collins is Senior Vice President and Chief Financial Office, National Planning Holdings; Steven Dowden is President, Chief Executive Officer, Director, and Chief Operations Officer of National Planning Holdings; James Miller is Interim Chief Operations Officer; Scott Romine is President, Chief Executive Officer and Director, National Planning Holdings; Daniel Weiss is Vice President. The firm is registered with FINRA and the Securities and Exchange Commission.
According to the firm’s BrokerCheck report, Invest Financial Corporation was recently sanctioned by FINRA.
In February 2017 FINRA sanctioned the firm following allegations it “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.” According to a letter of Acceptance, Waiver and Consent (No. 2015046036301) signed by the firm: “These Eligible Customers were 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. During this period, Respondent failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that Eligible Customers who purchased mutual fund shares received the benefit of applicable sales charge waivers.” FINRA ultimately found that “As a result of Invest’s failure to apply available sales charge waivers, the firm estimates that its Eligible Customers were overcharged by approximately $442,574 for mutual fund purchases made since January 1, 2009.” The firm was censured and issued a fine of $225,000, and was ordered to provide remediation to eligible customers.
If you or someone you know has lost money investing with Invest Financial Corporation, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.