28 Feb Portfolio Advisors Alliance Sanctioned by Regulators for Failed Due Diligence
Portfolio Advisors Alliance, Inc. (Portfolio) was sanction by securities regulators, in part, due to Portfolio’s failure to perform due diligence concerning private placements, according to a settlement agreement entered into by Portfolio and the Financial Industry Regulatory Authority (FINRA).
The Peiffer Wolf securities lawyers often represent investors who invest their savings in questionable private placements as a result of negligent due diligence and inappropriate investment recommendations by securities broker-dealer firms.
Portfolio failed to have in place proper procedures related to due diligence of private placements from approximately April 2010 through April 2011, according to facts alleged by FINRA. Portfolio also failed to document due diligence and approval of four private placement offerings offered for sale by the firm to its customers from approximately January 2009 through May 2010, according to the settlement.
Portfolio also failed to properly document its due diligence procedures on four private placement offerings offered for sale by the firm to customers from approximately May 2010 through October 2011, according to FINRA’s factual findings.
Portfolio agreed to be censured and pay a $45,000 fine as part of the agreement to settle the alleged rules violations, and did not deny or admit the regulators’ factual findings.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors in questionable private placements with the recovery of their losses.
They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.