International Assets Advisory – Investor Alert – UPDATED

UPDATE 4/11/2020: According to FINRA’s February 2020 Disciplinary Actions: “International Assets Advisory, LLC (CRD #10645, Orlando, Florida) December 3, 2019 – An AWC was issued in which the firm was censured, fined $30,000 and ordered to pay $92,805.13, plus interest, in restitution to customers. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish, maintain and enforce a supervisory system, including WSPs, reasonably designed to ensure compliance with FINRA Rule 2111 in relation to the sale of non-traditional exchange traded products (NT-ETPs). The findings stated that the firm’s supervisory system and WSPs and were not reasonably tailored to address the unique features and risks associated with NT-ETPs, including the risks associated with holding NT-ETPs for extended periods of time. The firm also did not have any systems in place, such as an alert or exception report, to assist supervisors in monitoring the holding periods for NT-ETPs. Moreover, the firm failed to enforce the WSPs it had in place. Although the firm’s WSPs required training for all registered representatives selling NT-ETPs, it failed to provide formal training to representatives before permitting them to sell the products to customers. As a result of its unreasonable supervisory system and procedures, the firm failed to detect a representative’s unsuitable recommendations to his customers to purchase and hold solicited NT-ETPs positions for an average of 327 days. The representative did not understand the unique features and specific risks associated with these products, including the risk of holding the products long-term and, therefore, lacked a reasonable basis for making the recommendations. As a result of his unsuitable recommendations, the representative’s customers incurred approximately $92,805.13 in losses. (FINRA Case #2017056579501)”

Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with International Assets Advisory. If you suffered losses investing with International Assets Advisory, 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 International Assets Advisory 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.