NFP Advisor Services, LLC Censured and Fined $500,000 by FINRA

Allegations include failure to supervise registered representatives, among others

Austin, Texas-based NFP Advisor Services, LLC has been censured and fined $500,000 according to their FINRA BrokerCheck report. As a FINRA member firm since 1997, the censure and fine follow allegations of failure to abide by several regulatory obligations related to its supervision of registered representatives.

According to the firm’s FINRA Letter of Acceptance, Waiver and Consent (AWC), the firm allegedly failed to commit the necessary time, attention, and resources to several critical regulatory obligations related to its supervision of registered representatives, including the failure to supervise the private securities transactions of 79 representatives.

These representatives were dually registered with Registered Investment Advisors (RIAs) and the firm is accused of failure to preserve securities-related emails by registered representatives, failure to approve and preserve advertising materials on three websites maintained by a registered representative and failure to update required information of its registered representatives 81 different times.

The firm’s BrokerCheck report also indicates that this is not the first time NFP Advisor Services has been censured and fined by FINRA for alleged misconduct. Disclosures on the report include allegations of breach of fiduciary duty, breach of contract, failure to supervise and account-related negligence.

If you have found yourself suffering financial loss as a direct result of the misconduct of NFP Advisor Services or any of its financial advisers, you may be entitled to loss recovery through securities arbitration.

To discuss your legal options and investigate your rights with an experienced securities arbitration attorney, contact Silver Law Group for a free case review. Each case is handled on a contingent-fee basis, meaning that you will only pay legal fees if Silver Law Group is successful.