NEW YORK, NY
Have you lost money with financial advisor Tonya Smoake from New York, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Tonya Smoake. FINRA suspended Smoake from the securities industry for twelve months and fined her $5,000. Smoake was being investigated regarding allegations that she sold investments in her investment advisory firm’s holding company, Avestar Capital. FINRA alleged that Smoake did not have permission from her brokerage firm, Purshe Kaplan Sterling, to sell the Avestar Capital investments.
Tonya Smoake was a registered representative and financial advisor with Purshe Kaplan Sterling from March 2017 to May 2019. She worked out of a branch office in New York, New York.
Broker-dealers like Purshe Kaplan Sterling have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud 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, including against Purshe Kaplan Sterling.