CFD Investments Settles with FINRA Yet Again, This Time Over Sales of Payson Petroleum
Have you lost money investing in variable annuities through CFD Investments, Inc.? We are currently investigating allegations made against CFD Investments, Inc., a Kokomo, Indiana-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought yet another regulatory action against CFD Investments. FINRA alleged that CFD Investments failed to adequately perform due diligence on Payson Petroleum before selling it to customers. FINRA ordered CFD to pay partial restitution of $750,000.
FINRA also previously brought an action against CFD Investments in 2017. FINRA alleged that CFD Investments failed to have procedures in place to adequately supervise the sales of inverse and leveraged ETFs, between October 2012 and July 2014. FINRA alleged that CFD Investments sold over $2 million in inverse and leveraged ETFs through about 150 transactions. FINRA alleged that the average holding period for these transactions was 300 days, even though these ETFs are meant only to be intra-day trading vehicles. CFD Investments settled these allegations with FINRA and agreed to pay a $30,000 fine.
CFD also settled with FINRA in 2019 regarding variable annuity sales. It paid a $125,000 fine to settle that matter.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; Seattle, Washington; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including Indiana and throughout the Indianapolis area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.