Founded in 1979, Commonwealth Financial is now the second largest, privately held independent broker-dealer in the United States. Commonwealth Financial became a national broker-dealer with the 1992 acquisition of Kavanaugh Securities. Based in Waltham, MA and San Diego, CA, Commonwealth Fin has over 1,200 registered representatives operating throughout the United States.
Commonwealth Financial, as a securities firm licensed by FINRA, has a duty to care for its clients, to properly supervise and recommend suitable investments. If an individual broker registered with Commonwealth is negligent or acts in a way that is contrary to securities industry regulations, and his or her client suffers financial loss because of that misconduct, that client can take legal action to recover their losses.
Past Regulatory, Arbitration, and Bond Events
According to FINRA's BrokerCheck® report, Commonwealth Financial Network has a history of 20 regulatory events, 13 arbitration events, and 1 bond event.
Commonwealth's latest regulatory event was initiated in March of 2014. The allegations included findings that the firm failed to test its email supervisory system during a software update. The monetary fine ordered was $250,000. In May 2013, Commonwealth was accused, through its registered representatives, of selling non-traded REITs in excess of concentration limits. Monetary fine ordered was $300,000.
In October 2013, an arbitration involving Commonwealth sought $1 million in relief over allegations of breach of fiduciary duty, misrepresentation, omission of facts, and other alleged violations. Arbitration granted $580,375.01 in relief.
If you entrusted your money to Commonwealth Financial Network or one of its registered brokers and you lost a substantial amount of money, contact Meyer Wilson and speak with one of our investment loss attorneys.
Recover Your Losses with Meyer Wilson
As a firm, Meyer Wilson's goal is to help investors recover their losses caused by fraud and misconduct. As a registered brokerage and investment adviser firm, Commonwealth Financial Network has a duty to act in the best interests of its clients, rather than their own. Call us today or contact us online to learn how we can help you.