Philip P. Wright and BrokerBank Securities
Have you lost money with BrokerBank Securities, a brokerage firm based out of Eden Prairie, Minnesota? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against BrokerBank Securities and its majority owner, CEO, and Chief Compliance Officer Philip P. Wright.
FINRA brought an investigation, alleging that BrokerBank Securities issued hundreds of misleading press releases, which were primarily research reports on specific companies. FINRA alleged that some of the reports falsely implied that BrokerBank was the author while in fact it was not. BrokerBank was paid $50 to $100 per press release. FINRA also alleged that BrokerBank failed to establish adequate supervisory procedures to monitor this conduct.
To settle these claims, Philip Wright agreed to pay a $10,000 fine and was suspended for one month in a principal capacity. Additionally, Wright and BrokerBank were jointly and severally fined an additional $15,000.
Philip Wright was a financial advisor and registered representative of BrokerBank Securities, Inc. from May 2004 to the present. He worked at branch offices in Eden Prairie and Minnetonka, Minnesota.
Brokerage firms like BrokerBank Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms 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 and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Minnesota. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities AmPhilipa, National Securities Corp., and many others.
Click to view: BrokerBank FINRA AWC
Click to view: Wright BrokerCheck 6.1.16
HAVE YOU LOST MONEY WITH PHILIP WRIGHT OR BROKERBANK SECURITIES?
CONTACT ISRAELS & NEUMAN, PLC FOR A FREE CASE EVALUATION
Denver Office: (720) 599-3505
Seattle Office: (206) 795-5798