Melville Island LLC Fined $82,500 For Alleged Supervisory Failures
We are currently investigating allegations made against Melville Island LLC, a securities brokerage firm based in the West Loop in Chicago, Illinois. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Melville Island LLC, making numerous allegations regarding its conduct, including: a) failed to implement an anti-money laundering compliance program; b) failed to supervise private securities transactions; c) failed to supervise electronic corresondence; d) failed to supervise producing managers; and e) operated with net capital deficiencies. To settle these allegations, Melville Island LLC agreed to pay a $82,500 fine.
Israels & Neuman, PLC is a securities arbitration and investment fraud law firm that represent investors who have been harmed by their financial advisor, stockbroker, or securities brokerage firm. We represent investors in FINRA arbitration in all 50 states, including over 150 investors in the past from throughout the Chicagoland area, Northern Illinois, and Central Illinois.
We have an office in Chicago, Illinois to better service investors in Chicago and the surrounding suburbs. Attorney David Neuman was born in Berwyn, Illinois and grew up in the western suburbs in Addison. He earned a degree in Finance at the University of Illinois in Urbana-Champaign before earning his law degree at Northern Illinois University in DeKalb, Illinois. Mr. Neuman also previously worked for a number of Chicago area law firms, including firms in St. Charles, Geneva, Chicago, and Barrington. He also previously lived in the Ravenswood neighborhood on the north side of Chicago.
Attorney Aaron Israels was born in western Michigan and is also licensed to practice law in the State of Illinois. He has represented a number of investors in Illinois state courts.
Click to view: Melville Island FINRA AWC
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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.