Long Island Financial Group Fined for Violating Regulation Best Interest
ROSLYN, NEW YORK
Are you a current or former client of Long Island Financial Group based in Rosyln, New York? FINRA brought a regulatory action against Long Island Financial Group, which resulted in a Letter of Acceptance, Waiver, and Consent (AWC) in February 2023. The AWC asserts that the firm violated Regulation Best Interest (Reg BI).
In particular, FINRA alleged that the firm failed to establish, maintain, and enforce written policies and procedures designed to achieve compliance with Reg BI. Between June 2020 and October 2021, the firm failed to even mention Reg BI in its compliance manuals. The firm also failed to provide the Form CRS to clients; Reg BI requires the distribution of a Form CRS, which provides certain disclosures to clients. To settle these allegations, Long Island Financial Group agreed to pay a $35,000 fine.
Brokerage firms like Long Island Financial Group were required to comply with Reg BI beginning on June 30, 2020. A failure to do so violated securities rules and regulations.
Our law firm is a securities arbitration law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
View LIF Group FINRA AWC