A National Securities Arbitration & Investment Fraud Law Firm
Merrimac Corporate Securities, Inc. is a brokerage firm and investment advisor firm. They are headquartered in Altamonte Springs, Florida. FINRA requested termination of Merrimac’s registration in May, 2015 and this request is currently under appeal.
Merrimac Brokers Barred or Suspended from IndustryIn two separate incidents, Merrimac brokers were barred from the securities industry because of a fraudulent investment schemes. In one case, two brokers were accused of using false and misleading tactics to raise $4 million from investors. This money was placed in high-risk, private placements which defaulted and left investors with huge losses. In the other case, two brokers were accused of operating a $23 million hedge-fund scheme in which the brokers fabricated client account statements, inflating the value of the holdings and misappropriated more than $140,000 in funds. The brokers in both cases operated their schemes as a side business, trading under the Merrimac umbrella and soliciting Merrimac customers to invest.
Merrimac Fined $100,000 for Failure to SuperviseFINRA fined Merrimac $100,000 for failing to reasonably supervise outside business activities and private securities transactions of two registered representatives in a $4 million fraudulent private placement. Merrimac is appealing this fine on the grounds that it is excessive and would undermine the firm’s shaky finances.
Forgery in Penny Stock TransactionsIn another matter currently under appeal, FINRA fined Merrimac $225,000 and suspended the firm for 30 days for knowingly providing forged documents to FINRA that falsely reflected that dozens of penny stock transactions had been reviewed by the firms supervisory or compliance personnel when no supervision had occurred. The firm’s lack of supervisory review contributed to the firm’s sales of unregistered penny stock into the market.
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.
To learn more call us at (954) 755-4799 or Toll Free at (800) 975-4345