NEXT Financial Group
Our Investment Law Attorneys Uphold Your Rights
NEXT Financial Group is an independent broker-dealer providing investment
services focused on retirees and baby boomers. NEXT Financial, operating
as a subsidiary of NEXT Financial Holdings, Inc., is entirely owned and
managed by its representatives and employees. Founded in 1998, NEXT Financial
is headquartered in Houston, TX. In 2009, the company was fined $1 million
by FINRA for its failure to properly supervise a number of client accounts
and over 100 branch managers.
High Amount of Disciplinary Fines in Recent Years
In the last two years, NEXT Financial has been burdened with large fines
by the Financial Regulatory Authority (FINRA) for various reasons, all
of which should seem problematic to a potential or current investor. In
2013, for example,
they were fined $250,000 for failing to retain/monitor correspondence between
brokers and investors. Email retention is vital for accountability purposes; as most interaction
between representatives and clients is electronic, emails are often the
clearest and strongest way that firms and regulatory bodies can oversee
and investigate fraudulent or negligent transactions and habits.
In 2014, two separate disciplinary fines were levied against NEXT Financial.
One fine amounted to
$88,000 for failing to supervise brokers effectively. The second fine, which amounted to
$265,000, was for trading agency securities at “unfair or unreasonable” prices. At its heart, this was a fine for being dishonest. In addition to the
punitive fine, FINRA required NEXT to pay $177,000 to the investor they
Helping Recover Losses Caused by Investor Misconduct
As a FINRA-licensed firm, NEXT Financial Group has a legal obligation to
supervise their brokers and provide transparent, accurate records of their
activities. Both of these measures are necessary for a healthy, equitable
financial industry. If an unethical broker is unsupervised, they will
eventually cause their clients significant losses. For this reason,
FINRA has made NEXT Financial legally liable for any damages caused by
their brokers. That means you have the right to file a claim against NEXT Financial
for the negligence of their representatives, even if that representative
no longer works for NEXT Financial Group.
Meyer Wilson investment fraud attorneys have the experience and skill to
help you reclaim your financial assets.
We recovered $350 million for our clients. No matter the size or history of the investment firm, we can make sure
your voice is heard in court, arbitration, or negotiation of any kind.
While FINRA allows you the right to file claims against negligent firms,
it’s our role as investment fraud lawyers to help you bring those
claims to bear, recovering what is rightfully yours and bringing justice
to negligent behavior.
To determine if you have a case against NEXT Financial Group, contact us
today for a
free case evaluation. We will not let any financial institution get away with fraud or negligence.