Securities Arbitration Lawyers BlogRainmaker Securities Sanctioned by Regulators for Multiple Violations
President Glen Anderson sanctioned along with Rainmaker Brokerage Firm
With six branches and 34 registered persons, Rainmaker Securities, LLC is in hot water with both FINRA and the SEC. Its president, Glen Anderson, is also included in the sanctions brought against the firm, according to official FINRA documents. The allegations include failure to devote appropriate time, attention and resources to supervision of its financial advisors, among other allegations.
Rainmaker Securities was registered with FINRA in 2005, and Anderson joined the brokerage firm as President in 2010. Rainmaker is approved to conduct business in the origination and sale of private placements. It is alleged that between June 2011 and September 2014, the firm—under Anderson’s direction—consistently violated FINRA rules that required the firm to: