Securities Arbitration Lawyers BlogNFP Advisor Services, LLC Censured and Fined $500,000 by FINRA
Allegations include failure to supervise registered representatives, among others
Austin, Texas-based NFP Advisor Services, LLC has been censured and fined $500,000 according to their FINRA BrokerCheck report. As a FINRA member firm since 1997, the censure and fine follow allegations of failure to abide by several regulatory obligations related to its supervision of registered representatives.
According to the firm’s FINRA Letter of Acceptance, Waiver and Consent (AWC), the firm allegedly failed to commit the necessary time, attention, and resources to several critical regulatory obligations related to its supervision of registered representatives, including the failure to supervise the private securities transactions of 79 representatives.