OFG FINANCIAL SERVICES Fined $45,000 For Supervision Failures

Israels & Neuman, PLC

OFG Financial Services Fined by FINRA

TOPEKA, KANSAS

The Financial Industry Regulatory Authority (FINRA) recently fined one of its members and securities brokerage firms, OFG Financial Services. OFG Financial Services is based out of Topeka, Kansas.

According to FINRA’s AWC with OFG Financial Services, FINRA began its investigation after OFG Financial reported that one of its representatives failed to disclose an outside business activity and loans obtained from firm customers. FINRA alleged that OFG Financial’s review of its representatives electronic communications (including emails) was not reasonable.

FINRA alleged that OFG Financial only reviewed 0.26% of its representatives’ emails and deemed this to be too small of a sampling. To settle these allegations, OFG Financial Services agreed to pay a $45,000 fine.

OFG Financial Services has obligations to reasonably supervise the conduct of its advisors. If the firm failed in its obligations, it could be liable to customers for investment losses suffered.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past.

View OFG FINRA AWC

View OFG Brokercheck 12.15.22

If you lost money with OFG Financial Services, please Contact Us at 720-599-3505 for a free evaluation of your case.

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