Firm Focus: Liberty Partners Financial Services, LLC Fined $20,000 by FINRA

Firm Fined and Censured for Failure to Report Required Information

According to FINRA’s BrokerCheck website, Liberty Partners Financial Services, LLC of Bakersfield, California, put itself in the FINRA spotlight by failing to properly follow its own written supervisory procedures regarding Order Audit Trail System (OATS) reporting. Without admitting or denying the findings, Liberty Partners Financial Services, LLC has consented to sanctions, including the fine and the imposition of a censure.

To clarify, OATS is a system developed by FINRA to ensure that customer orders are transmitted to the marketplace in a timely manner. The system tracks each order through every stage of its life from receipt to execution or cancellation. Every firm is required to submit daily electronic OATS reports to FINRA. In the case of Liberty Partners Financial Services, the firm failed to transmit required information to OATS from January 29, 2007 through November 16, 2007.

Non-compliance with FINRA guidelines casts a shadow on the trading practices of an investment firm. Ultimately, investors should be aware if their broker or firm has a disclosure on their BrokerCheck Report.

Should you be an investor with concerns about the conduct of your securities broker or firm, it is important to understand your rights. You may be able to recover your investment losses due to broker misconduct with the help of an experienced securities attorney.

With lawyers admitted to practices in New York and Florida – representing investors nationwide – Silver Law Group can help. You can expect a complimentary consultation and a case handled on a contingent fee basis, meaning you don’t pay legal fees unless we’re successful in recovering funds. Contact us today to schedule your free consultation and discuss your legal rights.