Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 6, 2018 indicate that Cambridge Investment Research have been ordered to pay an award of $210,000 to an investor as the result of a FINRA arbitration concerning alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Cambridge Investment Research.
According to an award document issued by FINRA, the investor in the arbitration alleged Cambridge Investment Research committed actual fraud and constructive fraud, misrepresented and omitted material facts, breached contract, acted negligently, and violated the Maryland Securities Act in connection to an investment in Marathon Patent Group, Inc. stock. Marathon Patent Group is a company involved in the mining of cryptocurrencies, “with a focus on the blockchain ecosystem and the generation of digital assets.” Per its description, the company operates “one mining facility in Quebec, with plans to open additional facilities in the future.” It trades on the Nasdaq exchange under the symbol MARA.
A FINRA arbitration panel ruled that Cambridge Investment Research is liable for $210,000 in compensatory damages and a $375 reimbursement for a portion of the filing fee.
According to Cambridge’s BrokerCheck report, this arbitration award is one of 4 documented against the firm.
In 2014 a customer alleged Cambridge Investment Research breached its fiduciary duty, recommended unsuitable investments, breached contract, failed in its supervisory duties, and acted negligently in connection to investments in common stock, municipal bonds and mutual funds. The complaint resulted in an award to the customer of more than $243,500.
In 2014 a customer alleged Cambridge Investment Research breached contract in connection to unspecified products. The complaint resulted in an award to the customer of $170,600.
In April 2018 a customer alleged Cambridge Investment Research misrepresented material facts, breached its fiduciary duty, and recommended unsuitable investments. The complaint resulted in an award to the customer of more than $41,500.
Additionally, in May 2018 FINRA sanctioned Cambridge Investment Research in connection to allegations it failed to establish, maintain and enforce a supervisory system that was sufficiently designed supervisory to oversee redemptions of non-traditional exchange-traded fund and variable annuity products. The firm was issued a fine of $150,000.
If you have complaints regarding investments in Cambridge Investment Research, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.