J.D. Nicholas & Associates
According to the brokerage firm website, “J.D. Nicholas & Associates is a full service investment firm which maintains their headquarters in Syosset, NY, with a branch office in Mt. Dora, Florida and Lake Grove, NY. Established in 1998, J. D. Nicholas & Associates combines years of experience as well as a full array of investment products in order to help you reach your financial goals.”Regulatory Violations
J.D. Nicholas & Associates has been the subject of many regulatory investigations, some of which resulted in disciplinary actions by regulators.Supervisors Failed to Curb Excessive Trading of Brokers under Heightened Supervision
In October 2010, J.D. Nicholas & Associate predecessor brokerage firm, A&F Financial Securities, agreed to a Financial Industry Regulatory Authority (FINRA) Acceptance, Waiver and Consent (AWC) for purposes of settling alleged FINRA rule violations. According to FINRA, the violations were the result of the failure to properly supervise three brokers who were under “heightened supervision”. The brokerage firm’s heightened supervisory procedures required the review of all trades for these brokers for “ suitability and excessive trading.”
According to FINRA, “heightened supervisory procedures required the Special Supervisor to make weekly calls to the clients of brokers on heightened supervision.” As a result of the failure to supervise these brokers, “the manual review failed to identify numerous accounts that had turnover ratios in excess of six times the average equity annualized.” As a result of the AWC, the brokerage firm was censured and fined $27,500.Silver Law Group
Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell® Peer Review Ratings™ “AV” rated lawyers that handle all securities arbitration matters on a contingency fee basis. The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. We investigate all sales practice violations, while taking into consideration the investor’s age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). We represent investors in FINRA arbitration claims on a contingency fee basis.
To learn more call us at (954) 755-4799 or Toll Free at (800) 975-4345