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Our law firm is handling cases against full-service brokerage firms to recover losses sustained in Medical Capital securities. These cases deal with the sales practices and due diligence of Financial Industry Regulatory Authority (“FINRA”) broker-dealers who solicited customers to purchase Medical Capital Holdings’ private securities in the form of notes. On July 16, 2009, the Securities and Exchange Commission (“SEC”) filed fraud charges against Medical Capital Holdings in connection with the sale of $77 million of private securities. On the same day, FINRA issued a sweep notice to obtain information from several broker-dealers regarding the sale of Medical Capital securities.
Various independent broker-dealers sold Medical Capital securities including American Portfolios Financial Services, National Securities Corp., Securities America, and Signature Financial Group. Under NASD Rules, broker-dealers have an obligation to make suitable recommendations to their customers and to conduct adequate due diligence into the investment.