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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
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  • ING Companies Hit With $1.2 Fine By FINRA-Failure To Supervise 1 comment
    Feb 19, 2013 3:11 PM

    FINRA announced February 19 , 2013, that it has fined five ING affiliates $1.2M for failing to review emails for periods ranging from two months to six years. The five affiliates are:

    • Directed Services, LLC
    • ING American Equities, Inc.
    • ING Financial Advisers, LLC
    • ING Financial Partners, Inc.
    • ING Investment Advisors, LLC

    The FINRA press release which can be accessed here said:

    "In addition, four of the firms failed to review millions of emails that the firms' email review software had flagged for supervisory review. At various times between January 2005 and May 2011, nearly six million emails flagged for review went unreviewed by supervisory principals because the email review software was not properly configured."

    These emails could have been flagged for review are likely related to supervisory issues and/or customer complaints and the failure to review them could have resulted in no action being taken where it is clear that supervision was needed.

    If you have questions about losses in your brokerage account, do not hesitate to contact us for a no charge consultation.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

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Comments (2)
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  • As an employee, I can tell you that ING is a failing company. Many of the top level people have jumped ship, and others are not far behind them. The management is terrible in most of the company, and there are unethical business practices in almost every department. Avoid at the investor or potential employee level.
    19 Mar 2013, 11:57 PM Reply Like
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