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Allegations include breach of contract, breach of duty, negligence, misrepresentation and omission, and violations of various FINRA rules and Federal and State laws. The plaintiffs had maintained independently managed accounts with Mutual Securities, Inc.
Damage Amount Requested
$500,000.00
Settlement Amount
$512,587.63
Broker Comment
Plaintiffs' attorney recklessly named five individuals in this civil litigation filing, all of whom are officers or directors of Mutual Securities, Inc., as publicly disclosed on the firm's Form BD. None of the named officers or directors were directly involved with supervising Plaintiffs' accounts. Plaintiffs' accounts were managed by an unaffiliated registered investment adviser hired by Plaintiffs. Please contact Mutual Securities' Compliance Department at msi.compliance@mutualhq.com for further details.
8/1/2019
Customer Dispute
Settled
Allegations
This arbitration filing named all publicly disclosed senior officers and directors of Mutual Securities, Inc., and notably did not name the unaffiliated registered investment adviser with whom plaintiff had contracted to manage plaintiff's accounts. Allegations include breach of contract, breach of duty, negligence, misrepresentation and omission, and violations of various FINRA rules and Federal and state laws. The plaintiff had maintained independently managed accounts with Mutual Securities, Inc. from 2011 to 2019.
Settlement Amount
$259,149.24
Broker Comment
The FINRA arbitration panel granted the motion to dismiss Claimant's claims on September 11, 2020.
2/14/2019
Customer Dispute
Award / Judgment
Allegations
This arbitration filing named all publicly disclosed senior officers and directors of Mutual Securities, Inc., and notably did not name the unaffiliated registered investment adviser with whom plaintiff had contracted to manage plaintiff's accounts. Allegations include breach of contract, breach of duty, negligence, misrepresentation and omission, and violations of various FINRA rules and Federal and state laws. The plaintiff had maintained his independently managed accounts with Mutual Securities, Inc. from 2008 to 2017.
Damages Granted
$727,000.00
Broker Comment
Claimant's attorney recklessly named five individuals in this arbitration filing, all of whom are officers or directors of Mutual Securities, Inc., as publicly disclosed on the firm's Form BD. None of the named officers or directors were directly involved with supervising Claimant's account. Claimant's account was managed by an unaffiliated registered investment adviser hired by Claimant. Ms. Cohen denies all allegations against her. Please contact Mutual Securities' Compliance Department at msi.compliance@mutualhq.com for further details.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.