Penson Financial Services, Inc. was recently fined $27,500 by FINRA. Without admitting or denying the findings, Penson Financial Services consented to the entry of findings that it transmitted reports to OATS that contained inaccurate, incomplete or improperly formatted data in that they contained inaccurate account type codes. The findings also included that the firm reported the incorrect execution time for transactions in reportable securities to the OTCRF.
This is not the first time that Penson Financial Services, Inc. has been investigated by the regulators regarding a possible securities violation. According to Penson’s FINRA Broker Report, Penson Financial Services, Inc. has been the subject of 15 regulatory events and has also been named in at least 15 arbitration/customer complaints related to various types of securities fraud.
If you have questions about investments you have made with Penson Financial Services, Inc., 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 at 312-238-9650 for a free consultation.
The White Law Group 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.