Brokerage Firm Alert: Our Investment Fraud Attorneys Are Investigating Triad Advisors LLC
Did You Lose Money Because of Triad Advisors? Are You Aware of Complaints and Fines Against Triad Advisors?
Updated on: December 27, 2023
Triad Advisors LLC (“Triad Advisors”) (CRD # 25803) is a broker-dealer and has been the subject of at least eight (8) complaints filed by regulatory organizations like FINRA and many more by investors like yourself. At Patil Law, we have investigated Triad Advisors, its regulatory complaints and fines, and its customer complaints. If you’ve invested your hard-earned money with Triad Advisors, you should be very concerned about any regulatory actions, regulatory fines, or customer complaints against your brokerage firm.
Our team of attorneys specialize in representing investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
If you believe you have a claim against Triad Advisors, you should strongly consider hiring an investment fraud lawyer and not wait until it’s too late to file a claim. Reach out to our legal team via the secure and private online form or call our firm directly toll-free at 1-800-950-6553 for a free consultation so that we can discuss your case and see what we can do to help you get the compensation you need and deserve. We do not charge anything for the ability to discuss your matter and evaluate your potential case.
Jump to Topic
Do I Have an Investment Fraud Case Against Triad Advisors?
How To File a Claim Against Triad Advisors To Get Your Money Back
Client Complaints – Is Your Financial Advisor on This List?
Did Misconduct By a Triad Advisors Advisor Impact Your Investments? What Can You Do?
Triad Advisors Has Many Regulatory Complaints and Fines
A Closer Look Into Triad Advisors’ Regulatory Issues
Next Steps and Free Consultation with Our Legal Team
Do I Have an Investment Fraud Case Against Triad Advisors?
✅ YES, if you’ve experienced financial losses due to the actions or misconduct of Triad Advisors or its staff, you have the right to pursue legal action against them. You can sue Triad Advisors but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding.
FINRA arbitration proceedings are generally private proceedings that can last anywhere from a few months to approximately a year. Our attorneys have personal experience in representing clients in FINRA arbitration proceedings and know very well how you can not only sue Triad Advisors in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a case against Triad Advisors is to reach out to our legal team at Patil Law via the secure and private online form or call us toll-free at 1-800-950-6553 for a complimentary consultation.
Who is Triad Advisors?
Triad Advisors (CRD # 25803) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors. As a registered broker-dealer, Triad Advisors is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests. A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
How To File A Claim Against Triad Advisors To Get Your Money Back
If you have questions about Triad Advisors, its advisors, or the management or performance of your accounts, please contact our legal team at Patil Law via the secure and private online form or call us toll-free at 1-800-950-6553 for a free and complimentary initial consultation. Our attorneys have experience handling well over a thousand securities arbitration claims, and our law firm has successfully recovered over $25 million for our clients to date.
We understand the stress that comes along with realizing that your financial advisor or brokerage firm has made poor decisions with your money. We can help you, as we have helped hundreds of other clients in the past.
Client Complaints – Is Your Financial Advisor on This List?
There have been scores of customer complaints filed against Triad Advisors stockbrokers and investment advisors over the years. Many of these complaints deal with financial advisor misconduct, poor or unsuitable investment recommendations, failure by these brokerage firms to supervise their employees (the financial advisors), and general fraud against consumers. We have launched many investigations of current and former Triad Advisors advisors:
- Guy Anthony Harrigan currently unaffiliated (previously with Lion Street Financial and Triad Advisors)
- Sheldon Bender currently unaffiliated (previously with Cetera Financial Specialists and Triad Advisors)
- Michael Payne with Concourse Financial Group Securities (previously with Concourse Financial Group Advisors and Triad Advisors)
Did Misconduct By a Triad Advisors Advisor Impact Your Investments?
If you have lost money investing with any of these Triad Advisors advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call our legal team at Patil Law toll-free at 1-800-950-6553 or reach out to us via the secure and private online form for a free initial consultation.
Triad Advisors Has Many Regulatory Complaints and Fines
There have been approximately eight (8) state and self-regulatory body disclosure events against Triad Advisors; that is, final and formal proceedings initiated by a regulatory authority like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) for a violation(s) of investment-related rules or regulations. In addition, there have been countless customer complaints filed against Triad Advisors for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
Our legal team at Patil Law has reported and written about these regulatory problems and customer complaints over many years. A few of the notable FINRA Sanctions for its Supervisory Failures are below.
A Closer Look Into Triad Advisors’ Regulatory Issues
Triad Advisors has been repeatedly censured, warned, and fined for its own misconduct and failure to supervise its army of financial advisors. Details of eight (8) regulatory issues are listed below:
Fined $195,000 for Alleged Supervisory Failures In Overseeing Representatives’ Recommendations Regarding Mutual Fund (AWC No: 2019061651201)
Overview from FINRA’s Disciplinary Office:
From September 12, 2016 to February 1, 2018, Triad failed to reasonably supervise representatives’ recommendations of an alternative mutual fund—the LJM Preservation & Growth Fund (LJM).1 Triad permitted the sale of LJM on its platform without conducting reasonable due diligence of LJM and without a sufficient understanding of its risks and features, including the fact that the fund pursued a risky strategy that relied, in part, on purchasing uncovered options. Triad also lacked a reasonable supervisory system to review representatives’ LJM recommendations. Triad representatives sold $2,267,000 in LJM to fifty-eight customers. LJM’s value dropped 80% during an extreme volatility event in February 2018 and the fund ultimately liquidated and closed, resulting in hundreds of thousands in losses for Triad’s customers. By virtue of the foregoing, Triad violated FINRA Rules 3110 and 2010. From March 27, 2014 to January 1, 2019, Triad failed to obtain required account information for customers who purchased the private offerings of LJM Partners, Ltd. and LJM Preservation & Growth Fund LP (“LJM Private Offerings”). Further, the firm failed to enforce written supervisory procedures reasonably designed to ensure that such information was obtained by the firm, in violation of FINRA Rules 4511, 3110, and 2010, NASD Rule 3010, and SEC Rule 17a-3.
Fined $150,000 for Alleged Supervisory Failures In Overseeing Mutual Funds Trades (AWC No: 2017052330501)
Overview from FINRA’s Disciplinary Office:
From June 3, 2015, through July 31, 2017, Triad failed to establish and maintain a reasonable supervisory system to achieve compliance with suitability requirements regarding switching and short-term trading of class A share mutual funds and failed to supervise such trading. As a result of the foregoing, Triad violated FINRA Rules 2111, 3110 and 2010.
Additionally, from June 2015 through December 2017, Triad failed to establish, maintain, and enforce a reasonable supervisory system and Written Supervisory Procedures (WSPs) that were reasonably designed to identify possible inappropriate rates of VA exchanges. As a result of the foregoing, Triad violated FINRA Rules 2330(d), 3110 and 2010.
Finally, from June 2015 through December 2017, Triad failed to timely file 19 Rule 4530 disclosures in connection with customer-related arbitrations and written customer complaints. In addition, in six instances, Triad failed to timely update its registered representatives’ Uniform Application for Securities Industry Registration or Transfer Form (Form U4) to disclose reportable events. In ten instances, Triad failed to timely update Uniform Termination Notice for Securities Industry Registration Form (Form U5) to disclose reportable events. As a result of the foregoing, Triad violated FINRA ByLaws, Article V, Sections 2 and 3 and FINRA Rules 4530(a)(1)(G), 4530(d), and 2010.
Fined $125,000 for Alleged Supervisory Failures In Applying Sales Charge Discounts To Eligible Customers (AWC No: 2014042544301)
Overview from FINRA’s Disciplinary Office:
From May 1, 2009 to April 30, 2014 (the “Relevant Period”), Triad failed to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010. In addition, Triad failed to establish, maintain and enforce a supervisory system and adequate written supervisory procedures reasonably designed to ensure that customers received sales charge discounts on all eligible UIT purchases in violation of NASD Rule 3010 and FINRA Rule 2010.
Fined $650,000 for Alleged Supervisory Failures In Overseeing Representatives’ Use Of Consolidated Reports (AWC No: 2011025792001)
Overview from FINRA’s Disciplinary Office:
Triad failed to establish, maintain, and enforce a reasonable supervisory system regarding the use of consolidated reports by its registered representatives. Triad allowed its representatives to create and provide consolidated reports to its customers and specifically made a system available to its registered representatives that permitted consolidated reporting and allowed the representatives to enter values for assets and accounts held away from Triad. However, Triad did not have an adequate system to supervise the accuracy of valuations provided to the customers, in violation of NASD Conduct Rules 3010(a) and (b) and FINRA Rule 2010. Moreover, Triad’s failure to adequately supervise the consolidated reports and the manual entries of assets resulted in inaccurate statements being sent to certain customers, in violation of NASD Conduct Rules 2210(d)(1) and 2110 (for conduct before December 15, 2008) and FINRA Rule 2010 (for conduct commencing on December 15, 2008).
Additionally, Triad failed to establish, maintain and enforce a reasonably designed supervisory system and written procedures regarding its examinations of branch offices, in violation of NASD Conduct Rule 3010(c) and FINRA Rule 2010. Triad further failed to reasonably supervise two former representatives who provided consolidated reports to customers that contained inaccurate and false assets, in violation of NASD Conduct Rule 3010(a) and FINRA Rule 2010. Also, Triad violated NASD Conduct Rule 3012 and FINRA Rule 2010 in that its supervisory controls report for the year 2010 was deficient, in that it failed to adequately focus on known areas of concern regarding Triad’s procedures and to detail needed changes or changes that were made to their supervisory policies and procedures.
Furthermore, Triad conducted a securities business while failing to maintain its required minimum net capital on 10 business days in 2009. Triad further created and maintained inaccurate books and records in that it failed to maintain accurate net capital computations during the period from January 2008 through June 2010. Triad filed inaccurate FOCUS reports for the period from January 2008 through June 2010. Moreover, Triad did not promptly file Securities Exchange Act of 1934 (“SEA”) Rule 17a-11 notifications regarding the net capital deficiencies in November and December 2009, as required, all in violation of SEA Sections 15(c)(3) and 17(a), SEA Rules 15c3-1,17a-3, 17a-5(a) and 17a-11, NASD Conduct Rules 3110 and 2110 (for conduct before December 15, 2008) and FINRA Rule 2010 (for conduct commencing on December 15, 2008).
Finally, Triad failed to comply with the requirements of Regulation S-P (17 C.F.R. §248.5) and violated FINRA Rule 2010 in that it failed to send its 2009 privacy policy notice to a group of its customers and failed to enforce its procedures regarding the encryption of electronic messages containing personal confidential information.
Fined $10,000 for Alleged Supervisory Failures In Reporting Corporate Bond Trades On Time (AWC No: 2006003971501)
Overview from FINRA’s Disciplinary Office:
NASD Rules 2110, 3010 and 6230: Respondent member firm failed to timely report corporate bond trades. In addition, the firm failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with NASD Rule 6230.
Fined $5,000 for Alleged Unregistered Branch Activity (Docket/Case Number: 3517-S-08/02)
Overview from FINRA’s Disciplinary Office:
Unregistered branch activity.
Fined $500 for Alleged Supervisory Failures In Notifying The Division On Time Regarding Its Net Worth (Docket/Case Number: SEC910062)
Overview from FINRA’s Disciplinary Office:
The broker-dealer violated Rule 307 of the VA Securities Act in that it failed to notify the Division in writing within three business that its net worth dropped below $25,000 and failed to take immediate action to establish a $25,000 net worth.
Fined $7,500 for Alleged Supervisory Failures In Maintaining Checks And Records (Docket/Case Number: 0371-S-7/13)
Overview from FINRA’s Disciplinary Office:
Violation of Rule 69W-600.014(1), Florida Administrative Code, and SEC Rules 17A-3 and 17A-4 in that: The Florida branch failed to maintain a checks received blotter, Triad failed to maintain a copy of the approval of the branch’s stationary; Triad failed to maintain a record of any additional review of the representative’s OBA.
Next Steps and Free Consultation with Our Legal Team
If you have questions about Triad Advisors, its advisors, or the management or performance of your accounts, please contact our team at Patil Law toll-free at 1-800-950-6553 for a free initial consultation. Or please reach out to us through our secure and private contact form and we will call you back quickly to discuss your case.
Our attorneys have experience handling well over a thousand securities arbitration claims, and our law firm has successfully recovered over $25 million for our clients to date. We understand the stress that comes along with realizing that your financial advisor or brokerage firm has made poor decisions with your money.
We can help you, as we have helped hundreds of other clients in the past. We are happy to serve you as well as to provide you with a custom report of your advisor’s and your brokerage firm’s complaints.