Securities Service Network
| November 19, 2019
Our Investment Law Attorneys Go to Bat for Clients
Securities Service Network is a privately-owned financial services company that offers investment products and services to independent security professionals and registered investment advisors. Founded in 1983, Securities Service Network was the nation’s first fee-based dealer to offer a 100% payout of commission and fees. Securities Service Network is headquartered in Knoxville, TN and currently has more than 450 registered securities professionals and investment advisors.
Since the Financial Industry Regulatory Authority (FINRA) licenses Securities Service Network, SSN is subject to the laws and regulations that protect investors. One particularly relevant law is the requirement for Securities Service Network to oversee their brokers to ensure that they are acting in the interests of their clients. If an unsupervised broker acts unethically or deceptively, causing a client to suffer losses, then SSN may be held legally responsible to repay the damages caused to the client. FINRA laws make it possible for clients to reclaim their losses from investment firms, holding them accountable to their actions.
History of Disciplinary Action at Securities Service Network
Many of SSN’s past problems stemmed from breaching customer contracts, and FINRA often agreed with the customer by awarding fines against SSN in favor of the client. For example, SSN was fined $25,000 in 2013 for failing to supervise a broker who was applying trades and decisions to accounts he had not been given authority to do that for. In addition, the broker did not abide by customer contracts, buying and selling securities and distributing them to his accounts without the right permissions. Only a month prior, SSN was fined $22,000 for failure to supervise yet again. Lack of supervision creates a corporate culture that breeds dishonest, deceptive practices that take advantage of client trust.
The Experience, Expertise, & Resources That You Need
Meyer Wilson believes in one thing: fighting for victims of fraud against the brokers and investment firms who caused them losses. Our investment fraud lawyers are experienced and deeply knowledgeable in this field – we secured over $350 million for our clients from brokerage firms like Securities Service Network. Because we practice exclusively in investment fraud, we have the resources to go head-to-head with the largest investment firms on your behalf. Meyer Wilson practices nationwide, in state and federal courts as well as in arbitration with FINRA and the American Arbitration Association.
If you’ve lost money due to a Securities Service Network broker, you may have a case. Contact our firm today to request a free case evaluation.