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Parkland Securities, LLC (“Parkland Securities”) (CRD#115368) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Parkland Securities, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.

If you believe you have a claim against Parkland Securities, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. 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.

Can I Sue Parkland Securities?

If you’ve lost money caused by Parkland Securities and/or its employees’ misconduct then the answer is, YES, you can sue Parkland Securities, but 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 has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Parkland Securities in FINRA arbitration proceedings but WIN that arbitration. The easiest way to know if you have a viable case against Parkland Securities is to call Attorney Pearce at our office at 800-732-2889.

Investment Losses? We Can Help

Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Robert Pearce

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.

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 Securitiesfor 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.

Parkland Securities Customer Complaints

There have been scores of customer complaints filed against Parkland Securities stockbrokers and investment advisors over the years. We have launched many investigations of current and former Parkland Securities advisors:

If you have lost money investing with any of these Parkland Securities advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.

Why Does Parkland Securities Have So Many Regulatory Problems And Customer Complaints?

Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.

The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers. 

Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.

These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.

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?

Investment Losses? We Can Help

Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Robert Pearce

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 40 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.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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