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Broad Street Securities, Inc. (a broker-dealer based in Plantation, Florida) fined and censured by FINRA for securities violations (including failure to supervise).

Thursday, December 3rd, 2009

 FINRA recently announced that Broad Street Securities, Inc. (a FINRA registered broker-dealer based in Plantation, Florida) has been censured and fined $10,000.  Without admitting or denying the findings, the Broad Street Securities, Inc. consented to the entry of findings that the firm, acting through an individual financial advisor, failed to establish and maintain a system to supervise a registered representative who the firm employed.  The findings further stated that Broad Street Securities and an individual failed to establish procedures addressing heightened supervision and failed to implement heightened supervision of the registered representative (heightened supervision is usually put in place after a financial advisor has exhibited a failure to follow certain compliance rules, particularly with respect to his/her dealings with clients). According to Broad Street Securities’ FINRA Broker Report (CRD), this is not the first time that the firm has been named in a claim or investigation related to securities fraud or failure to supervise.  In fact, Broad Street Securities has been named in at least 6 regulatory investigations and three customer complaints. The principle and majority owner of Broad Street Securities appears to be Stuart Gregory Burchard. If you have any questions about investments you made with Broad Street Securities or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help.  David A. Carter is a securities fraud attorney based in Boca Raton, Florida.  He reviews securities fraud cases throughout the country and Florida, including securities fraud cases in Plantation, Westin, Fort Lauderdale, Sunrise, Hollywood, Pompano Beach, Deerfield Beach, Delray Beach, and Boynton Beach.  To contact us, please call us at 561-750-6999 or send an email to contact@carterpa.com.  For more information on the firm, please visit http://www.carterpa.com.

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