Commonwealth Financial Network Securities Attorney
The attorneys of Gana LLP represent clients in securities and investment disputes with their financial advisors, such as Commonwealth Financial Network (Commonwealth Financial). Investment misconduct includes many different types of brokerage and business activities ranging from unsuitable investment advice and breach of fiduciary duties to misappropriation, securities fraud, and churning. Our firm can help investigate your accounts to uncover evidence that misconduct on behalf of the brokerage firm caused your investment losses.
Commonwealth Financial Network is a independent brokerage firm based in Waltham, Massachusetts. Commonwealth Financial has approximately 1,450 independent financial advisors.
Commonwealth Financial is affiliated with, under common control, or otherwise performs business under the company name Commonwealth Equity Services, Inc.Commonwealth Financial – By the Numbers:
- CRD# 8032
- SEC# 8-24040
- 19 Regulatory Events
- 11 Customer Complaints
- Revenue: $712 million - 2012
- Assets Under Management: $71 billion
In re Commonwealth Financial Network – Non Traded REITs – Five independent broker-dealers, including Commonwealth Financial Network agreed to pay almost $9 million back to investors and pay fines totaling nearly $1 million to settle allegations that they broke state securities laws and violated their own procedures in the sale of non-traded real estate investment trusts, or REITs. In Massachusetts, investors are not allowed to invest more than 10 percent of their liquid net worth in non-traded REITs. According to the complaint, these brokerage firm’s violated this concentration limit. Under the settlement, Commonwealth agreed to pay $2.1 million in restitution to investors and a $300,000 fine to Massachusetts.
In re Commonwealth Financial Network, SEC Release No. 60733 (Sept. 29, 2009) – The Securities and Exchange Commission (SEC) fined Commonwealth Financial Network $100,000 for failing to insist its registered representatives maintain anti-virus software on their computers. The brokerage firm’s failure led to an intruder gaining access to the firm’s Intranet, accessing customer accounts for 368 customer accounts, and entering unauthorized purchase orders worth $523,000.
In re Commonwealth Financial Network, SEC Release No. 56362 (Sept. 6, 2007) - The SEC instituted enforcement actions against Commonwealth Equity Services, LLP and others for failing to reasonably supervise former registered representative Bradford J. Bleidt, who engaged in a multi-million dollar fraud. The SEC found that at least forty of Bleidt's victims were over age 70. A Director with the SEC's Enforcement Division stated that “Firms who fail to have or to enforce reasonable policies will be held accountable for their inaction.” Bleidt was associated with Commonwealth from 1991 to 2001. In 2004, he was charged by the Commission and another regulator with securities fraud concerning the misappropriation of more than $31 million from over 100 victims. The SEC's Order against Commonwealth found that the brokerage firm failed to establish reasonable policies and procedures for responding to red flags related to Bleidt's outside business activities.
Gana LLP has represented hundreds of customers in investment related disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.