BOCA RATON, FL, USA, April 11, 2024 /EINPresswire.com/ — National investment loss and securities lawyers KlaymanToskes reports that the Financial Industry Regulatory Authority (“FINRA”) has announced that Boca Raton-based investment firm Dawson James Securities has agreed to pay a $500,000 fine in connection with the firm’s failure to maintain a supervisory system to preserve and review over 10,000 business-related text messages. The law firm urges all current and former customers of Dawson James to review their accounts for losses in excess of $100,000, and to contact the firm immediately at 888-997-9956.
According to Dawson James’ settlement with FINRA’s Department of Enforcement, the firm failed to preserve and review over 10,900 business-related text messages sent or received by at least 27 associated persons, including Robert Dawson Keyser Jr., the firm’s CEO. Further, from December 2016 to March 2019, the firm’s supervisory system reportedly had multiple deficiencies, including the firm’s failure to address how its investment banking principal should review the due diligence conducted by the firm’s investment bankers. Dawson James also reportedly failed to address conflicts of interest when bankers conducted due diligence on affiliated issuers.
Dawson James consented to a censure and a $500,000 fine while Keyser Jr. consented to a one-month suspension from associating with any FINRA member in all capacities and a $10,000 fine. Dawson James Securities was previously censured and fined $75,000 by FINRA in 2014, for failing to investigate numerous red flags relating to the activities of one of its registered representatives. FINRA found the firm failed to enforce its written supervisory procedures and failed to supervise its representative.
Brokerage firms and their financial advisors must act in the best interest of their customers, and may be held liable for any losses incurred by their customers in the event of securities violations including financial advisor misconduct, failure to supervise, or unsuitable investment advice. Depending on the circumstances, investors may be entitled to recover their losses through FINRA arbitration.
Current and former customers of Dawson James Securities who suffered investment losses are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com