ING Financial Partners, Inc. Investment Losses
Investor Claims Against ING Financial Partners
ING Financial Partners, Inc. is the broker-dealer division of ING Group,
one of the nation's largest retirement and insurance service providers.
Its central office is in Des Moines, Iowa and was founded in 1968. ING
Financial Partners has more than 1,000 retail offices throughout the United
States in addition to more than 3,000 representatives. Another division
of ING Group is ING U.S. Investment Management, an asset management firm
that manages nearly $200 billion in investments by institutions and individual
ING products and services include
mutual funds, financial planning, brokerage, advanced sales, annuities and more. ING
Financial Services markets itself as a trusted brand out for the investors'
best interests. Unfortunately, various ING Firms and ING-registered stockbrokers
have a checkered investment history, and some have even been accused of
fraud and various other types of misconduct. If you trusted your hard-earned
money with ING Financial Partners, but you suffered substantial financial
loss, you may be entitled to file an investor claim to recover your losses
against ING Financial Partners, Inc. A securities fraud attorney at Meyer
Wilson can help.
ING Financial Partners: Fraud and Misconduct
According to records listed by the Financial Industry Regulatory Authority
(FINRA), ING Financial Partners has previously been fined. In February
2013, FINRA fined five different ING Firms a total of $1.2 million for "email retention and review violations." This FINRA fine came after the regulatory agency discovered that
various ING firms failed to keep and/or review millions of emails, the
time span ranging anywhere from two months to over six years. Many of
these emails required supervisory review, but were never even viewed.
In 2006, NASD (now a part of FINRA) fined
four ING broker-dealers for $7 million total over directed brokerage violations. Specifically, the violations
involved receipt of directed brokerage that, in exchange, would give various
mutual fund companies preferential treatment. The four broker-dealer firms
fined in this regulatory action were in El Segundo, Des Moines, Denver
and St. Cloud. NASD alleged that ING's conduct was in violation of
the Anti-Reciprocal Rule. This rule forbids any type of arrangement that
would use brokerage commissions to pay firms for selling shares of mutual
funds. This type of practice uses preferred treatment as an incentive,
which went against NASD rules.
In 2010, former Florida broker-dealer
Michael J. DiMare, registered representative with ING Financial Partners, was permanently
barred for selling fake financial products. His scheme amounted to more
than $1.9 million taken from investors. Rather than an oversight,
negligence or some other type of inaction, DiMare was found to have deliberately
lied and stolen from his clients and then lied some more to cover up his
scheme. This is an example of blatant stockbroker misconduct.
Recover Your Losses with an Investment Fraud Attorney
If you or someone you know suffered financial losses caused by ING Financial
Partners or one of its registered representatives, do not hesitate to
contact a securities fraud lawyer at Meyer Wilson. Our firm has the resources
and knowledge necessary to handle your investor claim so that you can
recover your losses. Financial advisors are required by law to act in
their clients' best interests, not their own. If you were defrauded
or some other type of misconduct on behalf of ING led to you losing all
or part of your assets, contact Meyer Wilson today for a
free case evaluation.