FINRA recently announced that Fortune Financial Services, Inc. (a FINRA registered broker-dealer based in New Brighton, Pennsylvania ) and Brian Lee Daniels have been censured and fined $125,000 and $25,000 respectively. Additionally, Daniels has been suspended from association with any FINRA member in any principal capacity for nine months. Fortune Financial Services has also been prohibited for 90 days from registering any associated persons, except for individuals who perform only compliance and/or supervisory duties.
Without admitting or denying the sanctions, Fortune Financial Services, Inc. and Brian Lee Daniels consented to the described sanctions and to the entry of findings that the firm, acting through Daniels, failed to maintain and preserve all of its business-related electronic communications. The findings further stated that Fortune Financial Services did not have a system, written procedure or policies in place relating to the retention of electronic communications. Fortune Financial Services, acting through Daniels, also failed to file an application with FINRA and obtain FINRA’s approval for the material increase in sales personal. Finally, the findings stated that Fortune Financial Services failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures that were reasonably designed to achieve compliance with all applicable securities laws, rules and regulations regarding business-related electronic communications, material business expansion, proper registration of branch offices, and maintaining records of the firm’s website and advertisements.
According to Fortune Financial Services’ FINRA Broker Report (CRD), FINRA’s investigation is not the first time that the firm has been investigated by a regulator. Fortune Financial was also fined by the Pennsylvania Securities Commission in 2008 for
failure to reasonable supervise its agents.
If you have questions about investments you made with Fortune Financial Services, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office ate 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com