Osaic Lawsuit & Complaints Review – Updated May 2026
The White Law Group is investigating potential investor claims involving Osaic Wealth, Inc. and its affiliated brokerage firms. Investors who suffered losses due to unsuitable recommendations, excessive trading, supervision failures, or broker misconduct may be eligible to recover damages through FINRA arbitration.
Formerly known as Advisor Group, Osaic Wealth is one of the largest independent broker-dealers in the United States. According to publicly available FINRA records, the firm has accumulated dozens of disclosure events, including regulatory actions, customer disputes, and arbitration matters involving Osaic complaints and allegations of misconduct.
If you lost money with Osaic Wealth or one of its affiliated firms, contact The White Law Group at 888-637-5510 for a free consultation regarding a potential FINRA arbitration claim.
Osaic Wealth Complaints, Lawsuits & Regulatory History
Investors searching for information regarding an Osaic lawsuit, Osaic complaints, or Osaic Wealth reviews often discover a significant history of regulatory scrutiny involving the firm and affiliated advisors.
According to FINRA BrokerCheck disclosures, Osaic Wealth and affiliated entities have faced allegations involving:
These regulatory issues may support investor claims in FINRA arbitration where losses resulted from broker negligence or misconduct.
Osaic-Owned Firm Ordered to Pay Millions Over Cash Sweep Program
In January 2026, FINRA reportedly sanctioned American Portfolios Financial Services, an Osaic-owned firm later merged into Osaic Wealth, over alleged misconduct involving its cash sweep bank deposit program.
According to FINRA findings, the firm allegedly:
- Overcharged customers through improper fee calculations
- Failed to accurately disclose how rates and fees were determined
- Retained excess interest from customer cash balances
- Reported inaccurate financial information in regulatory filings
FINRA estimated that customers incurred more than $4 million in combined excess fees and undisclosed retained interest. Approximately 85,000 customer accounts were reportedly impacted.
The firm was ordered to pay:
- Approximately $4.6 million in restitution
- A $550,000 FINRA fine
FINRA also alleged that supervisory systems and written procedures were inadequate for years.
If you held cash sweep accounts through Osaic Wealth, American Portfolios, or affiliated firms and experienced losses or undisclosed fee issues, you may have legal options through FINRA arbitration.
Recent Osaic Wealth Regulatory Actions
FINRA Fine Over Mutual Fund Supervision Failures (December 2025)
FINRA censured Securities America, an Osaic-affiliated firm, and imposed:
- A $1 million fine
- More than $2 million in restitution
Regulators alleged the firm failed to establish and maintain adequate supervisory systems regarding Class A mutual fund recommendations and sales charge waivers.
Osaic Ordered to Pay More Than $3 Million in Restitution (December 2024)
FINRA censured Osaic Wealth and ordered the firm to pay over $3 million plus interest after allegations that eligible customers failed to receive mutual fund sales charge waivers and breakpoint discounts.
SEC Sanctions Osaic Wealth for Off-Channel Communications (August 2024)
The SEC fined Osaic Wealth $18 million for allegedly failing to preserve and monitor employee communications conducted on personal devices and unauthorized messaging platforms.
Cybersecurity Violations & Data Protection Failures (March 2024)
Osaic was fined following allegations that the firm failed to maintain adequate cybersecurity safeguards designed to protect customer information and accounts.
Osaic Options Trading Supervision Failures
FINRA also sanctioned Osaic over allegations involving excessive and unsuitable options trading activity that reportedly exposed investors to substantial losses and risks.
Broker Misconduct Linked to Osaic Complaints
In addition to firm-level sanctions, several brokers associated with Osaic-affiliated firms have faced regulatory scrutiny and disciplinary actions.
Marat Likhtenstein – Barred by FINRA
In August 2024, former Osaic broker Marat Likhtenstein was barred after allegedly refusing to cooperate with a FINRA investigation involving undisclosed personal loans with a customer.
Rodney Ferruso – Barred Over Excessive Trading
Rodney Ferruso was barred after allegations involving excessive short-term mutual fund trading and failure to cooperate with FINRA investigators.
SagePoint Broker Allegedly Sold Unauthorized Promissory Notes
A broker affiliated with SagePoint Financial, now under the Osaic brand, was barred following allegations involving the sale of promissory notes outside firm approval channels.
Osaic Wealth Acquisitions & Rebranding
Osaic Wealth has consolidated numerous independent broker-dealers under a unified national brand. Investors may have originally worked with firms that later became part of Osaic.
These affiliated entities include:
- Securities America
- SagePoint Financial
- FSC Securities Corporation
- Royal Alliance Associates
- Woodbury Financial Services
- Triad Advisors
- American Portfolios Financial Services
- Infinex Investments
Because of these mergers and rebrandings, investors may not initially realize their losses or complaints involve Osaic Wealth.
Common Claims in an Osaic Lawsuit or FINRA Arbitration
Investors may be able to pursue claims against Osaic Wealth for:
FINRA arbitration is typically the primary method investors use to seek recovery from brokerage firms and financial advisors.
How to File an Osaic FINRA Arbitration Claim
The FINRA arbitration process generally involves:
- Reviewing account activity and investment losses
- Filing a Statement of Claim
- Participating in discovery
- Attending arbitration hearings
- Seeking damages through a final arbitration award or settlement
The White Law Group represents investors nationwide in securities fraud and FINRA arbitration matters involving brokerage firms and financial advisors. Learn more about time limits for arbitration from our page FINRA Arbitration Time Limits: How Long Do You Have to File a Claim?
Why Investors Contact The White Law Group
The attorneys at The White Law Group focus on representing investors in securities arbitration and investment fraud matters.
Our law firm investigates claims involving:
- Broker misconduct
- Negligent supervision
- Alternative investments
- Private placements
- Unsuitable investment recommendations
- Investment fraud and losses
If you suffered losses while working with Osaic Wealth or an affiliated advisor, contact our firm today for a free case evaluation.
Speak with an Osaic Lawsuit Attorney Today
If you have suffered investment losses with Osaic Wealth, you may have legal options available.
Call 888-637-5510 or contact The White Law Group online for a free consultation.
FAQs About Osaic Lawsuits & Complaints
