First Financial Equity Corporation – Investor Alert – UPDATED

UPDATE 4/11/2020: According to FINRA’s February 2020 Disciplinary Actions: “First Financial Equity Corporation (CRD #16507, Scottsdale, Arizona) December 19, 2019 – An AWC was issued in which the firm was censured and fined $200,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to file amended Uniform Application for Securities Industry Registration or Transfer forms (Form U4s) for 20 of its registered representatives to disclose 71 outstanding liens, outstanding judgments, bankruptcies and creditor compromises in a timely fashion or, in some cases, at all. The findings stated that the firm failed to establish and maintain a system and failed to establish, maintain and enforce written procedures that were reasonably designed to achieve compliance with FINRA’s requirement to timely file Form U4 amendments to reflect reportable financial events. Until her demotion, the firm’s former CCO was the only person at the firm responsible for keeping Form U4s accurate and current, and she failed to do so. The firm failed to supervise the CCO to monitor whether she was fulfilling her responsibilities and timely amending firm representatives’ Form U4s and its disclosure failures continued after her demotion. The firm failed to clearly communicate who was responsible for amending Form U4s until the CCO’s termination, and it had no reasonable supervisory system in place to monitor that the amendments were being timely made. The findings also stated that the firm failed to prepare required annual supervisory control reports and annual CEO certifications for three years. (FINRA Case #2017055723502)”

Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with First Financial Equity Corporation. If you suffered losses investing with First Financial Equity Corporation, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.

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 First Financial Equity 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.