FINRA recently announced that Waterford Investor Services, Inc., a FINRA brokerage firm based in Clearwater, Florida, has been fined $12,500 and required to revise its written supervisory procedures. Without admitting or denying the findings, Waterford Investor Services consented to the findings that it failed to transmit all of its ROE’s to OATS on numerous business days. The findings further stated that Waterford Investor Services supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and FINRA rules concerning OATS.
Waterford Investor Services is based in Clearwater, Florida , but has offices throughout the country. According to its website, Waterford Investor Services Inc. provides unique products and money-making solutions for individuals, institutional clients and independent financial consultants. The firm’s financial advisors are typically independent financial consultants operating out of their own office. This arrangement can sometimes result in less supervision for these brokers that you might see at the larger, more traditional financial institutions like Merrill Lynch or Morgan Stanley Smith Barney.
Waterford Investor Services appears to clear its trades through RBC Correspondent Services, a division of RBC Capital Markets Corporation, one of the largest brokerage and investment banking firms in the country.
If you have questions about investments you made with CP Capital Securities, or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. The Law Offices of David A. Carter, P.A. is a South Florida securities fraud, securities arbitration, investor protection, and Chapter 7 bankruptcy law firm based in Boca Raton. David Carter is a securities attorney that reviews securities fraud cases throughout the country and Florida, including securities fraud cases in Bradenton, Sarasota, St. Petersburg, Tampa, Ocala, Port Charlotte, Lakeland, Palm Harbor, Land O’ Lakes, and Plant City. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999, or email us at contact@carterpa.com. For more information about the Law Offices of David A. Carter, P.A., you can also visit our website at www.carterpa.com.