Did you invest any of your assets with Burnham Securities Inc.? If so, you have a legal right to know that the firm has been subject to several different regulatory complaints. Brokerage firms that fail to follow the law often put the money of their clients at serious risk.
A full accounting of the allegations against this brokerage firm can be found by conducting a searching using the BrokerCheck tool. This valuable tool is provided to the public for free by the Financial Industry Regulatory Authority (FINRA). Here, our securities fraud attorneys detail some of the allegations of misconduct against Burnham Securities.
Past Complaints Against Burnham Securities Inc.
At the Sonn Law Group, our team works hard to ensure that the interests of investors are always fully protected. Unfortunately, brokerage firms often put their own financial interests above the interests of their clients. When this happens, these firms must be held accountable. Currently, we are investigating misconduct claims that have been brought against Burnham Securities, Inc. Some of the recent claims against this firm are as follows:
- In January of 2005, Burnham allegedly failed to establish and maintain an adequate supervisory system to detect and prevent late trading in transactions related to mutual funds. Late trading in mutual funds is an unlawful practice that gives insiders an advantage over other investors. This is a very serious offense and can adversely impact innocent investors. Without admitting or denying any wrongdoing in relation to the charges, the firm consented to the sanctions and agreed to pay $85,000 in monetary damages.
- In May of 2005, investigators found that Burnham had violated NASD Rule 2110 (now superseded by FINRA Rule 2010) which compels firms to always engage in just and equitable principles of trade. In relation to the charges, Burnham agreed to pay a $17,500 fine.
- In November of 2005, the firm failed to properly report some of the municipal securities transactions of its customers to regulators. As a result of this misconduct, Burnham consented to pay $7,500 in monetary damages.
- In February of 2007, Burnham allegedly failed to report key aspects of TRACE-eligible transactions. This conduct was a violation of NASD Rule 6230 (now superseded by FINRA Rule 6730.) Without admitting or denying the purported misconduct, the firm agreed to pay a $6,000 fine.
- In April of 2009, Burnham once again failed to properly report the transactions of its clients in a timely manner. Again, without admitting or denying the misconduct, the company consented to pay $5,000 in monetary damages.
Were You a Victim of Investment Fraud?
We can help. At the Sonn Law Group, our passionate securities fraud attorneys have extensive experience helping wronged investors recover the full and fair compensation that they rightfully deserve. If you lost money investing with Burnham Securities, Inc., please call our office today at 1-877-969-2412 to schedule a free review of your case. Our firm takes all claims on a contingency fee basis. Not only does that mean no upfront costs for you, but it means that we only collect a fee if we win or settle your case.