WARNING! Impending Investigation: CANTOR FITZGERALD & CO. and MICROCAP STOCKS
Cantor Fitzgerald & Co. and Microcap Stocks
We are currently investigating allegations made against Cantor Fitzgerald & Co., a New York City-based securities brokerage firm. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Cantor Fitzgerald, alleging that it failed to reasonably supervise the sales of microcap stocks, among several other allegations. To settle all of these allegations, Cantor Fitzgerald agreed to pay a $6,000,000 fine and disgorged $1.2 million in commissions.
Microcap Stocks generally are equity investments in thinly capitalized companies, often start-up companies. Between March 2011 and September 2012, Cantor Fitzgerald failed to adequately supervise the sales of 73.6 billion shares of microcap stocks without conducting adequate due diligence before selling them. Some of the stocks were unregistered. FINRA alleged that Cantor Fitzgerald failed to identify red flags of potential misconduct.
FINRA also brought the complaint against Jarred Kessler and Joseph Ludovico of Cantor Fitzgerald. Kessler agreed to a three month suspension and a $30,000 fine. Ludovico agreed to a two month suspension and $25,000 fine.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including in New York and throughout the Northeast. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Cantor FINRA AWC
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Denver Office: (720) 599-3505
Seattle Office: (206) 795-5798
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DENVER: (720) 599-3505
SEATTLE: (206) 795-5798