Published on:

Dundee Securities Was Fined $32,500


Dundee Securities

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on June 9, 2017 indicate that Canada-based brokerage firm Dundee Securities has been sanctioned by FINRA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Dundee Securities (CRD# 39759).

Established in 1995, Dundee Securities is headquartered in Toronto, Canada and registered with 39 US states and territories. Conrad Beyleveldt is Chief Financial Officer; Paul Kilfoy is President; Ann McIntosh is Chief Compliance Officer; the firm is owned by Eight Merchant Capital. It is registered with the Securities and Exchange Commission and FINRA.

According to the firm’s BrokerCheck report, Dundee Securities was recently sanctioned by FINRA.

In March 2017 FINRA sanctioned the firm following allegations it “failed to establish and maintain a reasonable supervisory system for the review of electronic communications” and “failed to review and retain messages for six AOL instant messaging accounts utilized by the registered representatives to conduct securities related business.” A letter of Acceptance, Waiver and Consent (No. 2015043279401) signed by the firm states further: “During the Relevant Period, the Firm reviewed a random sampling of electronic communications as well as communications containing default keywords provided by the third-party vendor of the email review and retention system utilized by the Firm. The messages flagged for review were not based on risks related to the Firm’s business. Moreover, the Firm failed to review all of the flagged emails in some manner. Additionally the Firm’s registered representatives regularly sent and received internal electronic communications in French, but Dundee failed to utilize French key words to review electronic communications. The Firm also failed to perform any review ofFrench language messages sent and received through any domain utilized for business purposes by Firm personnel.” The firm also allegedly failed to review business related AOL instant messages for six registered representatives and “The Firm’s written supervisory procedures… for the review of electronic communications were inadequate because they failed to articulate the steps taken by the Firm to address flagged emails.” The firm was censured and issued a fine of $32,500.

If you have lost money investing with Dundee Securities, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.