Sigma Financial Corporation was founded in 1983. The firm offers comprehensive investment planning services, including estate planning and tax reduction strategy services. Located in Ann Arbor, MI, Sigma Financial is an independent firm and continues to reject acquisition offers in efforts to remain autonomous and self-directed. Sigma Financial has 500+ representatives.
Because Sigma Financial is licensed with the Financial Industry Regulatory Authority (FINRA), they are subject to certain laws and regulations to protect investors. Chief among these laws is the obligation for Sigma Financial to oversee their brokers, ensuring that they obey FINRA rules in all business transactions. If an unsupervised broker causes severe losses to a client through misconduct, deceit, or unethical trading, Sigma Financial can be held legally responsible to repay the losses to the investor. Meyer Wilson can help clients file successful claims.
Repeated Failure to Supervise
Sigma Financial Corporation has an unfortunate history of poor supervision that has resulted in several fines levied against the firm and its individual representatives. In late 2014 FINRA fined Sigma $185,000 for repeated instances of lack of supervision, including not being notified when representatives changed their websites, designing systems that only monitored about 10% of their emails, and not scheduling FINRA inspections often enough. In addition, they sold securities that were not sufficiently investigated, putting investors at risk.
The result of such lax supervision is a culture that breeds underhanded tactics. For example, Sigma Financial broker Joral Schmalle paid nearly $2 million in settlements with customers from 2011 to 2013 alone for misrepresentation and fraud selling tenancy-in-common securities. One case alone was a $1.2 million settlement. In his history, Schmalle has paid out $3 million to Sigma clients alleging fraudulent behavior, and he still has over a dozen cases in arbitration currently. What’s worse, Joral Schmalle is far from alone. More Sigma brokers are currently facing customer accusations, and many of them are being settled in six-figures or more.
Do You Have an Investor Claim? Call Today!
If you’ve been cheated by a deceitful or negligent Sigma Financial broker, Meyer Wilson is prepared to step in on your behalf. We have the resources to stand against large investment firms like Sigma Corp, and our experienced investment fraud attorneys know how to best reclaim your losses. We recovered over $350 million for our clients, and we’re not slowing down. Because our sole focus is on helping victims of fraud, each of our lawyers is deeply knowledgeable, with sharp insight. We conduct claims against firms in state and federal courts nationwide, as well as in arbitration with FINRA and the American Arbitration Association.
Let us fight for you so you can reclaim what belongs to you. Contact Meyer Wilson today for a free case evaluation.