{"id":5437,"date":"2013-03-11T00:00:00","date_gmt":"2013-03-11T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/03\/financial_firms_settle_with_fi"},"modified":"2022-05-04T13:38:47","modified_gmt":"2022-05-04T18:38:47","slug":"financial-firms-settle-with-fi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/financial-firms-settle-with-fi\/","title":{"rendered":"Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision"},"content":{"rendered":"\n<p><strong>ES Financial Services Resolves Solicitation of Non-US Investors Allegations<\/strong><\/p>\n<p>E.S. Financial Services, Inc. has turned in a Letter of Acceptance, Waiver, Consent to the Financial Industry Regulatory Authority over allegations that it acted as a placement agent and solicited specific non-US investors to get involved in a commercial paper program that a foreign-based affiliate was offering. The firm is accused of providing misrepresentations in certain materials, including that like other commercial products, the program was a cash component of the customer\u2019s portfolio, and also, that the investment was a low-risk, conservative proposition. <\/p>\n<p>ES Financial is also accused of not sufficiently describing the risks involved and for close to four years failing to conduct the proper due diligence for the commercial paper program sales. FINRA\u2019s findings note that the financial firm did not adopt, implement, or enforce written due diligence procedures customized for these instruments. Fortunately, investments were paid back in a timely manner and no investor lost funds. However, this does not mean that ES Financial succeeded in conducting a proper investigation into various issues. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/financial-firms-settle-with-fi\/\"  title=\"Continue Reading Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ES Financial Services Resolves Solicitation of Non-US Investors Allegations E.S. Financial Services, Inc. has turned in a Letter of Acceptance, Waiver, Consent to the Financial Industry Regulatory Authority over allegations that it acted as a placement agent and solicited specific non-US investors to get involved in a commercial paper program that a foreign-based affiliate was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739],"tags":[],"class_list":["post-5437","post","type-post","status-publish","format-standard","hentry","category-finra"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision &#8212; Investor Lawyers Blog &#8212; March 11, 2013<\/title>\n<meta name=\"description\" content=\"ES Financial Services Resolves Solicitation of Non-US Investors Allegations E.S. Financial Services, Inc. has turned in a Letter of Acceptance, Waiver, &#8212; March 11, 2013\" \/>\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\/financial-firms-settle-with-fi\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision &#8212; Investor Lawyers Blog &#8212; March 11, 2013\" \/>\n<meta name=\"twitter:description\" content=\"ES Financial Services Resolves Solicitation of Non-US Investors Allegations E.S. Financial Services, Inc. has turned in a Letter of Acceptance, Waiver, &#8212; March 11, 2013\" \/>\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":"Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision &#8212; Investor Lawyers Blog &#8212; March 11, 2013","description":"ES Financial Services Resolves Solicitation of Non-US Investors Allegations E.S. Financial Services, Inc. has turned in a Letter of Acceptance, Waiver, &#8212; March 11, 2013","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\/financial-firms-settle-with-fi\/","twitter_card":"summary_large_image","twitter_title":"Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision &#8212; Investor Lawyers Blog &#8212; March 11, 2013","twitter_description":"ES Financial Services Resolves Solicitation of Non-US Investors Allegations E.S. Financial Services, Inc. has turned in a Letter of Acceptance, Waiver, &#8212; March 11, 2013","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\/financial-firms-settle-with-fi\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/financial-firms-settle-with-fi\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision","datePublished":"2013-03-11T05:00:00+00:00","dateModified":"2022-05-04T18:38:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/financial-firms-settle-with-fi\/"},"wordCount":625,"articleSection":["FINRA"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/financial-firms-settle-with-fi\/","url":"https:\/\/www.investorlawyers.com\/blog\/financial-firms-settle-with-fi\/","name":"Financial Firms Settle with FINRA: ES Financial Services Resolves Solicitation of Non-US Investors Allegations and Lincoln Financial Securities Consents to Entry of Findings Alleging Inadequate Supervision &#8212; Investor Lawyers Blog &#8212; March 11, 2013","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2013-03-11T05:00:00+00:00","dateModified":"2022-05-04T18:38:47+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"ES Financial Services Resolves Solicitation of Non-US Investors Allegations E.S. 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