A National Securities Arbitration & Investment Fraud Law Firm
Horner, Townsend & Kent, Inc. (HTK) promotes itself as an investment firm offering a full range of investment products, including mutual funds, individual stocks and bonds, variable annuities and variable universal life insurance, to individuals, organizations and businesses. Headquartered in Horsham, Pennsylvania, HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Regulatory ViolationsHorner, Townsend & Ken, Inc. has been the subject of many regulatory investigations, some which resulted in disciplinary actions by regulators.
FINRA Fines and Sanctions – Horner, Townsend & Kent, Inc.Source: FINRA, Financial Industry Regulatory Authority, Inc. Full Disciplinary Reports Available to the public at: finra.org.
Horner, Townsend & Kent, Inc. (CRD #4031, Horsham, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $150,000. Without admitting or denying the findings, the firm [HTK] consented to the described sanctions and the entry of findings of deficient supervision. The firm failed to establish and maintain a supervisory system and establish, maintain and enforce written supervisory procedures designed to achieve compliance with rules and regulations concerning subsequent transactions in direct application business involving previously purchased mutual funds. The firm failed to supervise its representatives in whether they were making the appropriate suitability determination when recommending subsequent transactions in previously purchased mutual funds. In addition, they did not review the sales charges (breakpoints) for subsequent transactions. HTK also failed to prepare Checks Received and Forwarded blotters required by the Exchange Act. (FINRA Case #2011025591901)
Horner, Townsend & Kent, Inc. (CRD #4031, Horsham, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm [HTK] consented to the described sanctions and the entry of findings that it maintained selling agreements with mutual fund and other financial services’ companies in which the firm gave preferential treatment in return for the payment of fees. This is a violation of the rule designed to prevent arrangements in which brokerage commissions are used to compensate member firms for selling fund shares. (FINRA Case #E9A2005005701)
Horner, Townsend & Kent, Inc. (CRD #4031, Horsham, Pennsylvania) 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 [HTK] consented to the described sanctions and the entry of findings that failed to establish and maintain a system to supervise the activities of registered representatives related to the sale of group variable annuity contracts (FINRA Case #E8A2004070901)
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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