FINRA Sanctions GWN Securities for Sales Fee Overcharges
According to the Financial Industry Regulatory Authority (FINRA) on February 20th, 2018, the regulator sanctioned GWN Securities, Inc., a brokerage firm based in Palm Beach Gardens, Florida.
According to FINRA investigators, GWN Securities, Inc. allegedly failed to identify and apply available sales fee discounts. As a result, its customers were forced to pay more in transaction fees than they should have.
Without admitting to or denying wrongdoing, the brokerage firm reportedly consented to FINRA’s sanctions, including a fine of $100,000; a payment of $72,715.82 in financial restitution; public censure; and review and revision of its internal protocols.
GWN Securities Inc. employs more than 600 securities representatives nationwide and is licensed to operate in all 50 States, according to its website.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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