Packerland Brokerage Services, Inc. (“Packerland Brokerage”) (CRD#37031) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), and/or state regulatory organizations, and investors. At the Law Offices of Robert Wayne Pearce, we have investigated Packerland Brokerage, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against financial advisors.
If you believe you have a claim against Packerland Brokerage, you should strongly consider hiring a securities fraud loss 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 Packerland Brokerage Services, Inc.?
If you’ve lost money caused by Packerland Brokerage and/or its employees’ misconduct then the answer is, YES, you can sue Packerland Brokerage 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 Packerland Brokerage in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a viable case against Packerland Brokerage 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.
or, give us a ring at (800) 732-2889.
What is Packerland Brokerage Services, Inc.?
Packerland Brokerage (CRD#37031) has been registered with the SEC and FINRA as a broker dealer since 1994 the company is controlled by its chief executive officers/owners and headquartered in Green Bay, Wisconsin with small branch offices located throughout the United States. Its independent broker-dealer Business Model has grown through acquisition and organic development of primarily one and two person registered representative offices supervised remotely. Today there are over 145 registered representatives in every state. It is now one of the 50 largest independent broker-dealer and investment advisory firms in the United States.
Packerland Brokerage Services, Inc. Has Many Different Regulatory Problems
Packerland Brokerage’s growth has not been without consequences. There have been approximately 2 Federal, 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 scores of customer complaints filed against Packerland Brokerage for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
A BRIEF OVERVIEW OF REGULATORY PROBLEMS PACKERLAND BROKERAGE SERVICES, INC. HAS FACED
SEC Orders Packerland To Pay Over $500,000
The SEC investigated Packerland, and discovered multiple disclosure and best execution failures related to the selection of a particular class of mutual fund shares by Packerland, a dually-registered investment adviser and broker-dealer located in Green Bay, Wisconsin. In soliciting individual advisory clients to invest in mutual fund strategies managed by Atlas, Packerland recommended the purchase of a certain class of mutual fund shares that imposed a 1% annual service fee, while failing to disclose that a lower-cost but otherwise identical share class was available. Packerland also did not disclose to its advisory clients that it had a financial conflict of interest because, in its capacity as a broker-dealer, Packerland received the annual service fee imposed on the higher-cost mutual fund shares.
In addition, the SEC found Packerland’s Form ADV misrepresented that Packerland would disclose to clients all of its fees and any compensation it received for the sale of securities. In fact, it did not disclose its receipt of the annual service fee imposed on the higher-cost mutual fund shares. Packerland, in its capacity as an investment adviser, failed to implement policies or procedures reasonably designed to address the financial conflict of interest arising from its receipt of the annual service fee or the selection of mutual fund share classes.
As a result of these violations, the SEC ordered Packerland cease and desist from committing or causing any violations and any future violations of Sections 206(2), 206(4) and 207 of the Advisers Act and Rule 206(4)-7 promulgated thereunder; censured the brokerage firm and investment adviser; ordered it to pay, disgorgement and prejudgment interest in an amount over $450,000.
*Above is only one of the regulatory disciplinary actions filed against Packerland Brokerage by FINRA. There is at least one more SEC, FINRA, NASSA, and/or state securities regulator investigations and enforcement actions reported on BrokerCheck as regulatory disciplinary proceeding disclosures.
Packerland Brokerage Services Customer Complaints
There have been many complaints filed against Packerland Brokerage stockbrokers and investment advisors over the years. We have launched a number of investigations of current and former Packerland Brokerage advisors, including:
If you have lost money investing with a Packerland Brokerage Services advisor 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 Packerland Brokerage Services, Inc. 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 Packerland Brokerage Services, Inc. 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. Packerland Brokerage 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 Packerland Brokerage 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.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By Packerland Brokerage Services, Inc. Today!
The securities lawyers 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 Packerland Brokerage 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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