Parkland Securities, LLC (“Parkland Securities”) (CRD#115368) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors. The Law Offices of Robert Wayne Pearce has investigated Parkland Securities, its regulatory and customer complaints, and has represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you lost money due to misconduct by Parkland Securities or its brokers, you have legal options to recover your losses. Most investors who signed brokerage agreements have arbitration clauses requiring disputes to be resolved through FINRA arbitration rather than traditional court lawsuits. This doesn’t mean you can’t pursue justice – FINRA arbitration is a powerful forum where investors successfully recover losses caused by broker fraud, unsuitable investments, churning, and supervisory failures.
You should not wait until it’s too late to file a claim because strict time limits apply to investment fraud cases. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations to evaluate your potential claim.
Can I Sue Parkland Securities?
Yes, you can sue Parkland Securities, but most investors will pursue claims through FINRA arbitration rather than court. If you’ve lost money caused by Parkland Securities and/or its employees’ misconduct, the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce knows very well how you can not only sue Parkland Securities in FINRA arbitration proceedings but WIN that arbitration.
How to Sue Parkland Securities for Investment Losses
What Can I Do If I Lost Money at Parkland Securities?
If you’ve experienced investment losses at Parkland Securities due to broker misconduct, filing a FINRA arbitration claim is your most viable path to recovery. FINRA arbitration is a legal process where investors present evidence of wrongdoing – such as unsuitable investment recommendations, excessive trading (churning), unauthorized transactions, or misrepresentations – to a panel of arbitrators who determine whether the brokerage firm owes you compensation.
The regulatory violations and supervisory failures documented throughout Parkland Securities’ history directly affect how brokers at the firm may have handled your account. For example, FINRA fined Parkland Securities $20,000 for failing to establish proper supervisory systems for complex leveraged ETF products, meaning brokers may have sold you unsuitable investments without proper oversight. The firm’s repeated censures for lax supervision across multiple product types suggest a pattern: inadequate oversight creates an environment where individual investors suffer losses from broker misconduct that should have been prevented.
Even if you signed an arbitration agreement when opening your account, you retain the right to pursue claims for your losses – arbitration simply means the dispute is resolved through FINRA’s forum rather than a courthouse. The Law Offices of Robert Wayne Pearce has extensive experience handling FINRA arbitration cases against independent broker-dealers like Parkland Securities, particularly cases involving supervisory failures, unsuitable investments, and the types of violations that have plagued this firm.
Who Can Help Me Sue Parkland Securities?
Recovering investment losses from Parkland Securities requires specialized knowledge of securities law, FINRA arbitration procedures, and the regulatory history of independent broker-dealers. The Law Offices of Robert Wayne Pearce focuses exclusively on representing investors in securities fraud cases and has successfully handled hundreds of FINRA arbitration matters against firms with supervisory deficiencies similar to those at Parkland Securities. A securities attorney can gather evidence, present your case effectively, and navigate the complexities of proving broker misconduct and firm liability.
What is Parkland Securities?
Parkland Securities (CRD#115368) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, Parkland Securities is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
Why Does Parkland Securities Have So Many Bad Reviews and Customer Complaints?
Independent broker-dealers like Parkland Securities often struggle with customer complaints because their business model prioritizes expansion over investor protection. These firms operate like franchises – they open many offices nationwide to generate steady revenue without bearing the costs of full-service branch offices that have on-site managers and compliance officers.
The registered representatives (brokers) at independent broker-dealers are not employees of the firm; they operate as separately incorporated businesses. This structure means brokers control their own operations to maximize profits, which frequently results in inadequate attention to protecting investors’ rights and interests. The supervisory structure compounds this problem: other independent contractors run Offices of Supervisory Jurisdiction (OSJs) from remote locations, monitoring brokers while also running their own brokerage, insurance, and other businesses. These OSJ managers cannot devote full-time supervision to smaller branch offices.
Without immediate review of new accounts, securities transactions, business records, or daily correspondence, investors become vulnerable to sales of unsuitable securities that have not been properly authorized or reviewed. There may be no one onsite to detect forged signatures on documents or inaccurate information about a client’s investment objectives placed on account forms to justify unsuitable recommendations. The North American Securities Administrators Association (NASAA) has documented more instances of sales abuse and investor losses at independent broker-dealers compared to traditional brokerage firms with on-site managers and compliance personnel.
Parkland Securities Has Many Different Regulatory Problems
Parkland Securities’ rapid growth has not been without consequences. There have been approximately 11 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) for a violation(s) of investment-related rules or regulations. In addition, there have been customer complaints filed against Parkland Securities for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Parkland Securities is a repeat offender: there are over 11 FINRA-reported proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems Parkland Securities Has Faced Over the Years*
Parkland Securities has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Parkland Securities Censured and Fined by FINRA for Lax Supervisions Concerning ETFs
Brief Overview: Without admitting or denying the findings, Parkland Securities consented to the sanctions and to the entry of FINRA findings that it failed to establish, maintain, and enforce a supervisory system reasonably designed to achieve compliance with securities laws, regulations, and FINRA rules applicable to the sales of leveraged, inverse, and inverse-leveraged exchange-traded funds (ETFs). FINRA stated that prior to receiving an exam report, no written materials were created to provide guidance to representatives on determining the suitability of leveraged, inverse, and inverse-leveraged ETF products. The firm also failed to train its representatives regarding the unique risks and features of these products and failed to have reasonable procedures or a system in place to detect potentially unsuitable transactions involving them. The violations were aggravated by the fact that the firm represented to FINRA that it would implement specific corrective measures to cure these deficiencies but failed to implement the measures in the timeframe anticipated by FINRA based on the firm’s representations. FINRA fined Parkland Securities $20,000 for its misconduct.
Securities Commissioner of Kansas Fines Parkland Securities for Agent’s Selling Away or Promissory Notes
Brief Overview: The Securities Commissioner of Kansas alleged that the firm failed to discover that an agent they controlled was selling away. Had the firm taken reasonable measures, it could have known about the non-compliance, and was, therefore, disciplined to the same extent as the agent. The firm was ordered to retain an outside consultant to provide a report concerning policies and procedures for supervision of registered representatives. And the firm was ordered to pay a $75,000.00 fine and $115,000.00 in restitution.
NASD Censures and Fines Parkland Securities for Violating Rules Concerning Communications with the Public
Brief Overview: According to the NASD’s allegations, Parkland Securities, acting through an employee, published advertising literature that omitted material information, were not fair and balanced, and made exaggerated claims. Specifically, the NASD found that the communications with the public used in seminars were alleged to be not fair & balanced and that they contained exaggerated claims. As a result, the firm was censured and fined $7,500.
*Above are only some of the regulatory disciplinary actions filed against Parkland Securities by FINRA. NASAA and other state securities regulator investigations and enforcement actions account for another 8 BrokerCheck disclosures.
Did Parkland Securities Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Parkland Securities is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Parkland Securities without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Consult With An Attorney Who Recovers Investment Losses Caused By Parkland Securities Today
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 45 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Parkland Securities cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
