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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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Rex Securities Law
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Rex Investment Loss Recovery Blog
  • VFinance Investments Fined By FINRA  0 comments
    May 23, 2013 4:40 PM

    VFinance Investments, Inc. ,was censured and fined $65,000 by FINRA in March 2013 in connection with the sale of nearly $6 million dollars worth of convertible notes in a private placement for a company that was on the firm's restricted list.

    In addition, FINRA alleged that:

    • the firm did not adequately supervise the purchases of stocks on the restricted list
    • the firm authorized purchases of the issuer by customers without conducting an adequate inquiry into the facts and circumstances surrounding those purchases
    • the firm failed to disclose involvement of a statutorily disqualified person who worked with the firm in connection with the private placement
    • the firm should have been on heightened awareness of its obligations to supervise the use of external email accounts and failed to adequately supervise employee's outside email accounts.

    According to FINRA records, VFinance is licensed to sell securities in 53 states and territories and conducts 13 types of business including the sale of private placements.

    Investors who have suffered losses may be able to recover all or a part of those losses through FINRA arbitration. Contact us to discuss your legal rights.

    Nationwide representation.

    Free Consultation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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