Infinity Financial Services Fined $35,000 for Supervisory Failures
Infinity Financial Services, (CRD 144302) a securities brokerage firm based out of Oakland, California, was recently fined $35,000 for supervisory failures. FINRA (the Financial Industry Regulatory Authority) found that between March 2014 and April 2017, the brokerage firm failed to establish adequate procedures to conduct required background investigations of new hires. FINRA also alleged that IFS failed to conduct searches of public records.
Brokerage firms like IFS have a responsibility follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to follow procedures, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Seattle, Washington; Denver, Colorado; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout California and the Bay area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.