UPDATE 4/6/2020: According to a press announcement yesterday, the Securities and Exchange Commission has reportedly charged broker-dealer and registered investment adviser Bolton Securities (Bolton Global Asset Management) with allegedly failing to disclose material conflicts of interest related to 12b-1 fees. Bolton Securities, based in Bolton, Massachusetts, reportedly invested advisory clients in mutual fund share classes that charged 12b-1 fees, and which had an available share class without 12b-1 fees, according to the complaint. From August 2014 through at least the end of March 2018, those 12b-1 fees were reportedly paid to the firm’s broker-dealer unit, which in turn allegedly paid some of the fees to the firm’s investment adviser representatives. The SEC further alleges that from November 2014 through at least March 2019, the firm used the principal trading account of its broker-dealer unit to allegedly engage in self-dealing transactions with its advisory clients that generated principal trading compensation for the broker-dealer, without providing disclosure sufficient for clients to provide informed consent to the conflicted transactions, and purportedly without obtaining required client consent. The SEC said it is seeking disgorgement of ill-gotten gains, prejudgment interest, financial penalties and permanent injunctions against Bolton Securities.
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Bolton Securities Corporation. If you suffered losses investing with Bolton Securities Corporation, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
Bolton Securities Corporation (CRD# 129376) (SEC# 801-66962, 8-68187)
As of April 4, 2020, Bolton Securities Corporation’s FINRA BrokerCheck Report contains the following:
1 Regulatory Event Disclosures
1 Civil Event Disclosures
Main Office Location
579 MAIN STREET
BOLTON, MA 01740
Mailing Address
579 MAIN STREET
BOLTON, MA 01740
Business Telephone Number
978-779-6947
Direct Owners and Executive Officers
BOLTON FINANCIAL GROUP, INC., SHAREHOLDER
HAYES, EUGENE FRANCIS JR (CRD#:2348484), CFO & FINOP
PRESKENIS, STEVEN CHRISTOPHER (CRD#:4410822), PRESIDENT & CHIEF COMPLIANCE OFFICER
GRENIER, PHILIPPE BENJAMIN (CRD#:4594636), VICE PRESIDENT OF TRADING
MAHLE, DAPHNE JANE (CRD#:4367277), CHIEF COMPLIANCE OFFICER(IA)
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses investing with Bolton Securities Corporation and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
