A National Securities Arbitration & Investment Fraud Law Firm
According to its website, Cadaret Grant & Co., Inc. was founded in 1985 and is headquartered in Syracuse, New York. It is one of the largest privately owned independent broker/dealers in the country with over $2.5 billion of assets under management.
Regulatory ViolationsCadaret has been the subject of several regulatory investigations, some which resulted in disciplinary actions by regulators.
FINRA Fines and Sanctions – Cadaret, Grant & Co., Inc.Source: FINRA, Financial Industry Regulatory Authority, Inc. Full Disciplinary Reports Available to the public at: finra.org.
Cadaret, Grant & Co., Inc. (CRD #10641, Syracuse, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $200,000. Without admitting or denying the findings, the firm [Cadaret] consented to the described sanctions and the entry of findings that it recommended unsuitable investments, specifically variable annuities to its customers. It was also found that the firm failed to adequately supervise the representative that was engaging in unsuitable recommendations. The variable annuities that were offered were unsuitable for some elderly clients because of a rider that was sold with the annuity that offered a potential increase to the death benefit prior to age 81. It was sold to customers who were either over or close to the age cutoff. Those clients paid for a rider they would never be able to use or were actually ineligible to use when purchased. The firm failed to adequately supervise the representative, who had previous had complaints related to annuity sales. Annuity sales made up over 94% of the representatives business at the firm. (FINRA Case #2008015475201)
Cadaret, Grant & Co., Inc. (CRD #10641, Syracuse, New York) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $125,000. Without admitting or denying the findings, the firm [Cadaret] consented to the described sanctions and the entry of findings that it failed to maintain an adequate supervisory system. The firm failed to establish an effective supervisory system and written supervisory procedures reasonably designed to ensure that customers received appropriate breakpoints and sales charge discounts on eligible Unit Investment Trust purchases. The firm did not provide guidance to brokers, supervisors and trading personnel on UIT sales to ensure that proper sales charge discounts were given. (FINRA Case #2008015701101)
Silver Law GroupSilver 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.
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