(888) 637-5510

Written by 12:33 pm Blog, Current Investigations, Securities Fraud Articles

Parkland Securities Complaints and Regulatory Actions   

Parkland Securities Customer Complaints and Regulatory Actions featured by top securities fraud attorneys, the White Law Group

The White Law Group is investigating potential securities claims involving Parkland Securities    

Parkland Securities, based in Ann Arbor, Michigan, has a history of misconduct. The firm reportedly has twelve disclosure events on their broker profile, according to FINRA, the self-regulator that oversees brokers and brokerage firms. According to reports, the firm had revenue of $63 million in 2020.  The firm is dual registered as a brokerage firm and an investment advisory firm, CRD#: 115368/SEC#: 8-53482.  

According to their FINRA BrokerCheck profile, the firm has 11 regulatory actions, and one arbitration.  

Parkland Securities Broker Misconduct   

There have been several cases of registered representatives employed by Parkland Securities who were allegedly involved in broker misconduct and fraudulent activities. In fact, the CEO of Parkland Securities currently has 91 disclosures on his broker report including at least 45 customer complaints and arbitrations.  

FINRA reportedly barred Patrick Thayer (CRD#: 5735955), a Parkland Securities broker from Lebanon, Ohio in February of 2023 after allegations that he misappropriated client funds. He allegedly stole over $1 million from at least one client’s account from 2014 – 2020 according to his FINRA BrokerCheck profile. Another customer alleged he stole funds from her account from 2019 – 2022. She is requesting damages in the amount of $45,250.  

Patrick Thayer was reportedly registered with Parkland Securities from 2014 – September 2020. He was then affiliated with LPL Financial until October 2022, according to FINRA.  

FINRA Sanctions Parkland Securities  

FINRA reportedly censured and fined Parkland Securities $20,000 in 2019 for supervisory failures related to the sales of leveraged, inverse, and inverse-leveraged exchange-traded funds. As a result, Parkland violated FINRA Rules 3110 and 2010 and NASD Rule 3010.  

These violations were “aggravated” by the fact that Parkland represented to FINRA that it would implement specific corrective measures to cure these deficiencies but failed to implement the measures in the timeframe anticipated by FINRA, according to the self-regulator.  

In October 2014, Parkland consented to a censure and fine of $100,000 for various deficiencies in its supervisory systems and procedures. Parkland did not have adequate resources committed to compliance, resulting in systems and procedures not reasonably designed to supervise registered representatives, as well as a failure to conduct due diligence on structured products.  

FINRA Rule 3110 Supervision  

FINRA Rule 3110 aims to promote investor protection by ensuring that broker-dealers establish and maintain adequate supervisory systems and procedures to detect and prevent violations of securities laws and regulations.   

The rule requires broker-dealers to establish written supervisory procedures and to designate one or more principals to be responsible for supervising the firm’s operations and ensuring compliance with the applicable rules.  

The rule also requires broker-dealers to conduct periodic reviews of their supervisory systems, including the supervisory procedures and the activities of their associated persons, to ensure that the systems are reasonably designed to achieve compliance with the applicable rules.  

Furthermore, FINRA Rule 3110 requires broker-dealers to establish a system for the review of incoming and outgoing correspondence with the public relating to the broker-dealer’s business. The review must be conducted by a designated principal and must be designed to ensure that the correspondence complies with applicable securities laws and regulations.  

Finally, the rule requires broker-dealers to establish and maintain a system for the preservation of books and records, including electronic communications, in accordance with applicable securities laws and regulations. The system must be designed to ensure that the books and records are maintained in a manner that allows for their prompt and accurate retrieval.  

FINRA Arbitration for Investment Losses   

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.     

If your broker has defrauded you, you may be able to file a claim with FINRA to seek resolution through arbitration. FINRA arbitration can be a complex and technical process, and having an experienced attorney who is knowledgeable about securities law can greatly increase your chances of success.  

A securities attorney, such as those at the White Law Group, can help you with many aspects of the arbitration process including evaluating the merits of your claim and determine whether you have a strong case for arbitration.  

Your securities attorney can assist you in drafting a statement of claim that accurately reflects the allegations of fraud and the damages you are seeking. They will also  represent you at the arbitration hearing, present evidence and make arguments on your behalf.  They can also negotiate a settlement on your behalf, which may be an option to consider before going to arbitration.  

Working with a securities attorney can help ensure that your interests are protected throughout the FINRA arbitration process, and that you have the best possible chance of achieving a favorable outcome. Keep in mind, FINRA arbitration is generally a faster and less expensive alternative to a traditional court proceeding.  

National FINRA Arbitration Attorneys – the White Law Group     

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.        

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.         

With over 40 years of securities law experience, including experience working at FINRA and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses.         

Although our offices are in Seattle, Washington and Chicago, Illinois, the firm reviews securities fraud cases throughout the country.      

If you have concerns regarding investments you purchased through Parkland Securities and would like to speak with a securities attorney, please call The White Law Group at 888-637-5510.    

For more information on The White Law Group, visit whitesecuritieslaw.com.    









Tags: , , , , , , , , , , , Last modified: April 11, 2023