According to FINRA’s Disciplinary and Other FINRA Actions publication, OneAmerica Securities, Inc. was censured and fined $75,000 for failing to adequately supervise a registered representative and failing to establish supervisory systems and procedures.
FINRA alleges that OneAmerica failed to make reasonable inquiries or otherwise follow-up on multiple red flags that indicated a registered representative associated with the firm, was making unsuitable options recommendations and causing improper and/or unauthorized transfer of funds to a third party. FINRA’s findings also state that OneAmerica lacked an adequate system and procedures to supervise options trades and transmittals to third parties. As a result of failed supervision, the registered representative was able to improperly cause $51,800 to be transferred from a client’s OneAmerica account to a different client’s account at a different member firm. (See FINRA AWC No. 2013036026902)
If you feel that your investment account has been mishandled by your broker or brokerage firm, contact the Hanley Law to discuss your legal options. If you have suffered financial losses as a result of your broker’s or brokerage firm’s misconduct, you may be able to recover your investment losses. Contact Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.