{"id":19868,"date":"2021-07-23T05:00:31","date_gmt":"2021-07-23T10:00:31","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=19868"},"modified":"2022-07-22T11:44:57","modified_gmt":"2022-07-22T16:44:57","slug":"next-financial-group-puerto-rico-bonds","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/","title":{"rendered":"NEXT Financial Group Reaches $750K Settlement Over Allegedly Unsuitable Short-Term Trading of Puerto Rico Bonds and Class A Mutual Funds"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">Texas-Based Brokerage Firm Accused of Overconcentration &amp; Supervisory Failures<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The self-regulatory organization (SRO) also contends that from January 2012 to February 2019 <\/span><a href=\"https:\/\/brokercheck.finra.org\/firm\/summary\/46214\"><span style=\"font-weight: 400;\">NEXT Financial Group<\/span><\/a><span style=\"font-weight: 400;\"> 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.\u00a0<\/span><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/\"  title=\"Continue Reading NEXT Financial Group Reaches $750K Settlement Over Allegedly Unsuitable Short-Term Trading of Puerto Rico Bonds and Class A Mutual Funds\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Texas-Based Brokerage Firm Accused of Overconcentration &amp; 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.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3873,4039],"tags":[4257,3329,3083],"class_list":["post-19868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-next-financial","category-puerto-rico-bond-funds","tag-failure-to-supervise","tag-next-financial-group","tag-puerto-rico-bond-funds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NEXT Financial Group Settles Over Alleged Trading of Puerto Rico Bonds<\/title>\n<meta name=\"description\" content=\"NEXT Financial Group reached a $750k settlement with FINRA over the unsuitable short-term trading of Puerto Rico bonds and mutual funds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NEXT Financial Group Settles Over Alleged Trading of Puerto Rico Bonds\" \/>\n<meta name=\"twitter:description\" content=\"NEXT Financial Group reached a $750k settlement with FINRA over the unsuitable short-term trading of Puerto Rico bonds and mutual funds.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NEXT Financial Group Settles Over Alleged Trading of Puerto Rico Bonds","description":"NEXT Financial Group reached a $750k settlement with FINRA over the unsuitable short-term trading of Puerto Rico bonds and mutual funds.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/","twitter_card":"summary_large_image","twitter_title":"NEXT Financial Group Settles Over Alleged Trading of Puerto Rico Bonds","twitter_description":"NEXT Financial Group reached a $750k settlement with FINRA over the unsuitable short-term trading of Puerto Rico bonds and mutual funds.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"NEXT Financial Group Reaches $750K Settlement Over Allegedly Unsuitable Short-Term Trading of Puerto Rico Bonds and Class A Mutual Funds","datePublished":"2021-07-23T10:00:31+00:00","dateModified":"2022-07-22T16:44:57+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/"},"wordCount":572,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg","keywords":["failure to supervise","Next Financial Group","Puerto Rico Bond Funds"],"articleSection":["Next Financial","Puerto Rico Bond Funds"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/","url":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/","name":"NEXT Financial Group Settles Over Alleged Trading of Puerto Rico Bonds","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg","datePublished":"2021-07-23T10:00:31+00:00","dateModified":"2022-07-22T16:44:57+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"NEXT Financial Group reached a $750k settlement with FINRA over the unsuitable short-term trading of Puerto Rico bonds and mutual funds.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#primaryimage","url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg","contentUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg","width":640,"height":426,"caption":"NEXT Financial Group failed to supervise an ex-broker leading to the unsuitable short-term trading of Puerto Rico bonds and mutual funds."},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/next-financial-group-puerto-rico-bonds\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NEXT Financial Group Reaches $750K Settlement Over Allegedly Unsuitable Short-Term Trading of Puerto Rico Bonds and Class A Mutual Funds"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2021\/07\/failure-to-supervise.jpg","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-5as","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/19868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=19868"}],"version-history":[{"count":2,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/19868\/revisions"}],"predecessor-version":[{"id":19871,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/19868\/revisions\/19871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media\/19869"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=19868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=19868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=19868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}