First Allied Securities Inc. Investment Attorney

The attorneys at Gana LLP represent investment customers in securities disputes against brokerage firms, such as First Allied Securities Inc. (First Allied). Among the claims that may be brought on behalf of a typical client include securities fraud, breach of fiduciary duty, and sales violations concerning various investment products including private placements, variable annuities, and non-traded REITs. Our attorneys can analyze a client’s trading activity to determine financial losses and provide a consultation concerning their rights and available remedies.

First Allied was founded in 1994, headquartered in San Diego California, and is registered in all 50 states. First Allied claims that its independent financial advisors enjoy the freedom to shape their business and make decisions based solely on each client’s specific needs. The firm claims that its platform allows its advisors the autonomy to offer clients the most suitable options to achieve their financial goals without being constrained by cookie-cutter products or corporate agendas.

First Allied – By the Numbers:

  • CRD# 32444
  • SEC# 8-46167
  • 13 Regulatory Events
  • 13 Customer Complaints
  • Total Revenues: $241 million – 2013
  • Account Assets: $28 billion - 2013
  • Representatives: 900 - 2013

First Allied – In the News:

NASD v. First Allied Securities, Inc. – The NASD fined First Allied Securities, Inc. $408,000 for facilitating the deceptive efforts of three hedge fund customers to engage in improper market timing transactions. The NASD also ordered First Allied to pay approximately $326,500 to reimburse the affected funds. The NASD also suspended Gary Ferraro, a former First Allied broker for nine months and fined him over $136,700. The NASD found that between November 2001 and July 2003, Ferraro negotiated or authorized "sticky asset" deals with two mutual fund advisors that enabled two hedge fund customers to execute more mutual fund trades than allowed in the funds' prospectuses.

SEC v. First Allied Securities, Inc., SEC Release No. 61655 (Mar. 5, 2010) –The Securities and Exchange Commission (SEC) charged First Allied with failing to reasonably supervise one of its registered representatives who engaged in unauthorized fraudulent trading in the accounts of two Florida municipalities. First Allied agreed to pay $1.95 million concerning allegations related to broker, Harold H. Jaschke. The SEC’s administrative order finds that between May 2006 and March 2008, Jaschke executed numerous unauthorized transactions, made unsuitable recommendations, and churned the accounts of the City of Kissimmee, Fla., and the Tohopekaliga Water Authority. The SEC found that First Allied failed reasonably to supervise Jaschke because it did not establish reasonable systems to direct follow-up action in response to red flags regarding churning and suitability.

Our attorneys has successfully represented hundreds of investors in their broker disputes with their advisor firms. Our consultations are free and we welcome all inquiries.

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