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Commonwealth Financial Network Securities Attorney

The attorneys of Gana Weinstein 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
Commonwealth Financial – In the News:

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 Weinstein 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.

Client Reviews
Thank you Adam and all your colleagues for the professionalism and diligence in the final settlement of our securities fraud case. When a past law firm group turned our case down, you and your firm took on the case and we thank you for the great outcome. We would highly recommend your firm. Gloria K.
I will never forget how much you helped me by winning my case! I never thought I would see any money from my investment. I admire the way you fight for everyday people against big companies. Thank you so much! Myra W.
Adam is an outstanding lawyer. I have worked on several cases with Adam and look forward to working with him again in the future. Rob D. - Co-Counsel.
If you want an attorney that is easy to talk to and genuinely cares about your legal situation, contact Adam Gana. He helped me settle a difficult contract dispute. When you work with Adam, he makes you feel as if you are his top priority. He will call you regularly to stay on top of the situation and submits all necessary legal documentation in a timely manner. His writing is excellent, his demeanor professional, and his work exceptional. Nancy N.
Adam helped me recover money from my broker when I thought all was lost. My house was about to be foreclosed, and I lost everything. Adam came in and saved my life. Jean C.