Next Financial Group

NEXT Financial Group Reaches $750K Settlement Over Allegedly Unsuitable Short-Term Trading of Puerto Rico Bonds and Class A Mutual Funds

Published on: July 23, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Texas-Based Brokerage Firm Accused of Overconcentration & Supervisory Failures

NEXT Financial Group has arrived at a $750K settlement with the Financial Industry Regulatory Authority (FINRA) to resolve claims that the Texas-based broker-dealer overconcentrated customer accounts in Puerto Rico municipal bonds and did not have the kind of supervisory system that could have identified unsuitable trades.

The self-regulatory organization (SRO) also contends that from January 2012 to February 2019 NEXT Financial Group did not set up, maintain, or enforce supervisory systems and written procedures that could have identified and stopped the short-term trading of Puerto Rico bonds and mutual funds when they were unsuitable for customers.

Ex-NEXT Financial Broker Charles Kulch Accused of Overconcentrating Over 100 Massachusetts’ Investors in Risky REITs

Published on: July 20, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Galvin’s Office Files Civil Lawsuit Alleging Overconcentration, Unsuitable Investments

William Galvin, the Secretary of the Commonwealth of Massachusetts, has filed civil charges against former NEXT Financial Group broker, Charles Chester Kulch.

The state is accusing him of selling real estate investment trusts (REITs) and variable annuities (VA) to customers for whom they were unsuitable and overconcentrating their portfolios in these high risk, illiquid investments.

Shepherd Smith Edwards and Kantas Investigates NEXT Financial Group Over Non-Traded REIT Sales

Published on: January 6, 2020 | by Shepherd Smith Edwards & Kantas, LLP

NEXT Financial Group Sold Unsuitable REITs To Investors, Including Older Seniors

If you were an investor who suffered losses in Real Estate Investment Trusts (REITs) that were recommended and sold to you by a NEXT Financial Group broker, Shepherd Smith Edwards and Kantas (SSEK Law Firm) wants to talk to you.

The Houston-based independent brokerage firm was recently fined $150K by the Massachusetts Securities Division for selling REITs to investors even when these investments were not suitable for them.

79 Investment Advisers To Give Over $125M Back to Mutual Fund Investors

Published on: March 19, 2019 | by Shepherd Smith Edwards & Kantas, LLP

79 investment advisors have settled charges brought by the US Securities and Exchange Commission (SEC) accusing them of not properly disclosing conflicts of interests involving the sale of costlier mutual fund share classes that caused them to earn more fees.

The regulator’s action is related to its Share Class Section Disclosure Initiative. Announced by the SEC’s Division of Enforcement early last year, the initiative gives firms the chance to report disclosure failures that violate the Advisors Act, while offering them more “favorable settlement terms” in return.

Which Investment Advisors Are Involved in This Case?