Articles Posted in Purshe Kaplan

Brokers Allegedly Involved Were Also Harvest Group Wealth Management Investment Advisers 

Massachusetts Secretary of the Commonwealth William Galvin has filed a complaint against Purshe Kaplan Sterling Investments (PKS Investments), accusing the broker-dealer of failing to supervise its financial advisors. These advisors who were dually registered through another financial firm allegedly sold exchange-traded funds (ETFs) that were unsuitable for customers. 

This other firm was Waltham-based investment advisor Harvest Group Wealth Management. As a result, the state securities regulator contends that investors suffered $2.3M in losses.

Boutique Broker-Dealer Pays Another 7-Figures to Resolve Customer Disputes 

Independent brokerage firm Purshe Kaplan Sterling Investments, Inc. has agreed to settle another Financial Industry Regulatory Authority (FINRA) arbitration claim with investors.  This time, 50 customers had pursued financial recovery from the firm. 

According to the broker-dealer’s yearly audited financial statement that it recently submitted with the Securities and Exchange Commission (SEC), the settlement amount is $1.6M. Wentworth Management Services, which owns the firm, will pay $1.2M while its insurer will cover the rest.

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