FINRA FINES SCOTTSDALE, ARIZONA-BASED FIRM FIRST FINANCIAL EQUITY CORPORATION $230,000

Have you lost money investing with First Financial Equity Corporation?  We are currently investigating allegations made against First Financial Equity Corporation, a Scottsdale, Arizona-based securities brokerage firm.  In July 2016, FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against First Financial Equity Corp., making numerous allegations. FINRA alleged that First Financial Equity Corp. failed to have adequate supervisory systems and written supervisory procedures.  For example, FINRA alleged that First Financial Equity failed to have a system in place where excessive fees may have been charged.  First Financial was also alleged to have failed to enforce its procedures related to options and no procedures related to the sales of ETFs (or Exchange Traded Funds).

FINRA also brought the complaint against Melissa Strouse, the firm’s chief compliance officer.  FINRA alleged that the conduct at issue took place between 2010 and 2013.

FINRA further alleged that First Financial Equity Corp. failed to adequately supervise one of its registered representatives in its Scottsdale office, Jim (or James) Wilkerson.  It was alleged that FFEC’s risk manager identified that commissions being charged by Jim Wilkerson as being excessive, but that the FFEC failed to take adequate steps to supervise and address the same.  To settle these allegations, First Financial Equity Corporation was fined $230,000 and ordered it to review and correct its supervisory deficiencies.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout Arizona, including in Phoenix, Scottsdale, Chandler, Gilbert, Glendale, Mesa, and Tempe.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including First Financial Equity Corporation, regarding a former advisor named Robert Kerrigan.

Click to view:  Wilkerson, James BrokerCheck 1.1.17

Click to view:  First Financial Equity FINRA Order

Click to view:  First Financial Equity FINRA Comp (1)

HAVE YOU LOST MONEY WITH FIRST FINANCIAL EQUITY CORP.?

             CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION

             Aaron Israels: (720) 599-3505

             David Neuman: (206) 795-5798

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.