Comprehensive Asset Management & Servicing, Inc.

FINRA recently brought a regulatory action against a Parsippany, New Jersey-based brokerage firm named Comprehensive Asset Management and Servicing, Inc. (“CAMS”).  FINRA alleged that CAMS failed to adequately supervise a number of aspects of its firm, including a) consolidated reports; b) emails; c) private securities transactions; and d) variable annuities.  To settle these allegations, CAMS agreed to pay a $475,000 fine.

In March 2015, FINRA brought regulatory actions against three member firms for their failure to supervise consolidated reports sent to clients.  FINRA (the Financial Industry Regulatory Authority) brought claims against H. Beck, LaSalle Street Securities, and J.P. Turner & Company, alleging that they failed to properly supervise reports sent to clients that summarized all of their assets, not just assets held at the firm.  FINRA had particular concerns that these reports have the potential to conceal fraudulent activity and could be an indication that the broker may be doing business away from the firm.  FINRA warned firms about such activity in one of its regular compliance newsletters, FINRA Notice to Member 10-19.

To settle these allegations, H. Beck agreed to pay a $425,000 fine, LaSalle Street Securities agreed to pay $175,000, and J.P. Turner & Company agreed to pay $100,000.

Our attorneys have represented over one thousand investors who have been defrauded by financial advisors and brokerage firms.  While we have offices in Denver and the Seattle area, we have also previously represented clients throughout the country.

HAVE YOU LOST MONEY WITH COMPREHENSIVE ASSET MANAGEMENT & SERVICING, INC.?   

             CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION

                Denver Office: (720) 599-3505

                Seattle Office: (206) 795-5798

Click to view:   CAMS FINRA AWC