International Assets Advisory Fined $30,000 by FINRA

The firm was also ordered to pay restitution in the amount of $29,805.13. 

The Sonn Law Group is investigating allegations that International Assets Advisory committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

International Assets Advisory (“IAA”) has been a FINRA member firm since 1982. It is located in Orlando, FL.

IAA accepted and consented to FINRA’s findings stating that between October 2014 and September 2015 (the “Relevant Period”), IAA failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (“WSPs”), reasonably designed to ensure compliance with FINRA Rules.

As a result of these failures, IAA failed to detect a registered representative’s unsuitable recommendations to five of his customers to purchase and hold 21 solicited positions for an average of 327 days. The RR did not understand the unique features and specific risks associated with these products, including the risk of holding the product’s long-term, and, therefore, lacked a reasonable basis for making the recommendations. The RR’s customers incurred approximately $92, 805.13 in losses as a result of the unsuitable recommendations. 

IAA consented to the imposition of the following sanctions:

• A censure;
• A $30,000 fine; and
• Restitution in the amount of $92, 805.13 plus interest. 

Contact Us Today

The Sonn Law Group is currently investigating allegations that brokers recommended unsuitable investments. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.