Free Consultation | (800) 259-9010 International via WhatsApp: 713-227-2400 (text only)
H & R Block Financial Adviser Claims: Securities Fraud Law Firm Shepherd Smith Edwards & Kantas LTD LLP Investigating Inadequately Supervised Reverse Convertible Notes for Investors
Our securities fraud lawyers are looking into claims by investors regarding their purchase of reverse convertible notes from H&R Block Financial Advisors. Just this week, the Financial Industry Regulatory Authority imposed a $200,000 fine on the broker-dealer for failing to set up proper supervisory systems over RCN sales. H & R Block was also ordered to pay $75,000 to an elderly couple that sustained financial losses from their RCN investments.
FINRA found that not only did H & R Block fail to properly monitor customer accounts for possible RCN over-concentrations, but they also failed to detect and respond to these possible over-concentrations. This is FINRA’s first enforcement action over RCN sales.
Reverse Convertible Notes