Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Massachusetts-based brokerage and advisory firm Citizens Securities has received regulatory sanctions and customer disputes. Fitapelli Kurta is investigating allegations of misconduct against Citizens Securities (CRD# 39550).
Established in Rhode Island in 1995, Citizens Securities is headquartered in Dedham, Massachusetts and registered with 52 US states and territories. According to its BrokerCheck report, the firm has received 16 regulatory events and six customer complaints that evolved into arbitration.
In April 2018 the New York Department of Financial Services sanctioned the firm in connection to allegations it “provided material incorrect and untrue information” in a relicensing application for an agent, by failing to disclose that the respondent had received fines from several state securities regulatory authorities. The firm was issued a fine of $9,500.
In May 2017 the North Carolina Department of Insurance sanctioned the firm in connection to allegations it failed to disclose disciplinary matters during certain renewal applications as well as failing to disclose disciplinary matters within 30 days of their settlement by the firm. The firm was issued a fine of $1,500.
In March 2017 FINRA sanctioned the firm in connection to allegations it “disadvantaged certain retirement plan and charitable organization customers” who were eligible for purchases of mutual fund class “A” shares without a front-end sales charge. The firm was censured and issued a fine of $50,000.
In January 2017 FINRA sanctioned the firm in connection to allegations it failed to timely disclose 45 customer complaints and settlements. The firm was censured and issued a fine of $300,000.
In 2016 the State of Rhode Island Department of Business Regulation sanctioned the firm in connection to allegations it failed to disclose affiliates’ disciplinary matters during the application renewal process and within 30 days of its settlement of those matters. The firm was issued a fine of $5,000.
In 2012 a customer alleged Citizens Securities misrepresented and omitted material facts and breached its fiduciary duty. The complaint resulted in an award to the customer of $50,000.
In 2012 a customer alleged Citizens Securities recommended unsuitable investments, breached contract, and mad misrepresentations and omissions of material facts. The complaint resulted in an award to the customer of $71,725.
In 2009 a customer alleged Citizens Securities acted negligently, breached contract, misrepresented material facts, acted negligently, and effected unauthorized transactions. The complaint resulted in an award to the customer of more than $56,000.
If you have lost money investing with Citizens Securities, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means 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.