The Financial Industry Regulatory Authority (FINRA) has fined San Francisco, California based Thomas Weisel Partners, LLC based on findings that the firm failed to establish and maintain a supervisory system and procedures governing principal transactions. As a result, the firm effected transactions that had the potential to, and in fact did, pose a serious conflict of interest. FINRA concluded that the principal transactions were not subject to effective supervisory review. Thomas Weisel Partners was fined a total of $200,000.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from conflicts of interest and other forms of broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from illegal activity. Therefore, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like Thomas Weisel Partners, which should have overseen its principal transaction activity. Have you suffered losses in your Thomas Weisel Partners, LLC account due to a conflict of interest? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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