First Republic Securities Company, LLC (“First Republic Securities”) (CRD #105108) 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 First Republic 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 First Republic 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 First Republic Securities?
If you’ve lost money caused by First Republic Securities and/or its employees’ misconduct then the answer is, YES, you can sue First Republic 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 First Republic Securities in FINRA arbitration proceedings but WIN that arbitration. The easiest way to know if you have a viable case against First Republic 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.
or, give us a ring at (800) 732-2889.
What is First Republic Securities?
First Republic Securities (CRD#105108) 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, First Republic 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.
First Republic Securities Has Many Different Regulatory Problems
First Republic Securities’rapid growth has not been without consequences. There have been approximately 2 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 First Republic 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. First Republic Securities is a repeat offender: there are over 2 FINRA-reported proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems First Republic Securities Has Faced Over the Years
First Republic Securities has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors. A couple of the notable FINRA Sanctions for its Supervisory Failures are below:
New York State Department of Financial Services Fines First Republic Securities for Failure to Disclose NASD Proceedings
Brief Overview: First Republic Securities entered into a stipulation with the New York State Department of Financial Services for failure to disclose to the Department that in two applications for insurance licenses in 2013 and 2014 the firm was named in an administrative proceeding by the NASD and that it was found liable in a FINRA arbitration. As a result, First Republic Securities agreed to a civil fine of $1,500.
NASD Fines First Republic Securities for Failure to Timely Report Municipal Securities Transactions
Brief Overview: Without admitting or denying the findings, First Republic Securities consented to the described sanction and to the entry of NASD findings that the firm failed to report information about municipal securities transactions within 15 minutes of time of trade to the real-time transaction reporting system. NASD findings stated that the firm improperly reported purchase and sale transactions effected in municipal securities to the system when the interdealer deliveries were “step outs” and thus, were not interdealer transactions reportable to such system. NASD findings also stated that, in transactions with customers, the firm failed to include specific items of information listed for the transactions in the specifications for real-time reporting of municipal securities transactions and failed to report some transactions by the end of the day on which the trades were executed. As a result, the firm was fined $5,000.00.
First Republic Securities Customer Complaints
There have been customer complaints filed against First Republic Securities stockbrokers and investment advisors over the years. We have launched investigations of current and former First Republic Securities advisors:
- Christopher Garner of First Republic Securities
- Adam MacDonald of First Republic Securities
- Laura Ward of First Republic Securities Company
- Robert Skinner Formerly With First Republic Securities Company
- Dean Jackson of First Republic Securities Company, LLC
- Harold Reinstein of First Republic Securities Company, LLC
If you have lost money investing with any of these First Republic 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 First Republic 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 First Republic 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. First Republic 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 First Republic 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.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By First Republic 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 First Republic 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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