Sigma Financial Corporation is facing four Financial Industry Regulatory Authority arbitration claims seeking alleged damages of about $4.5 million, according to the firm’s most recent audited financial statement filed with the SEC. Sigma Financial has set aside approximately $652,000 in preparation for the claims, according to the Financial and Operation Combined Uniform Single (FOCUS) Report.
What is Sigma Financial Corporation?
Sigma Financial Corporation is an Ann Arbor, Michigan-based broker-dealer that is registered with 53 U.S. states and territories. According to its FINRA BrokerCheck, Sigma Financial Corpration has 26 disclosures; eleven (11) of these disclosures are customer disputes and fifteen (15) disclosures are regulatory events.
For instance, on March 7, 2019, Sigma Financial Corporation consented to sanctions and to the entry of findings that it failed to establish maintain, and enforce a supervisory system reasonably designed to achieve compliance with applicable law, regulations and FINRA rules regarding sales of leveraged, inverse and inverse-leveraged exchange-traded funds. Specifically, Sigma Financial Corporation did not create written prepared materials to provide guidance to their representatives on determining the suitability of non-traditional ETF products and other issues. As a result, customers of Sigma Financial Corporation held non-traditional ETF positions in their accounts for an extended period of time without alerting the firm’s supervisory system.
Sigma Financial Corporation is also under common ownership and control with registered investment advisor, Sigma Planning Corporation. In 2019, Sigma Planning Corp. agreed to settle charges that it selected mutual fund investments for clients that provided the firm with financial benefits without disclosing its conflicts to clients.
Contact Us – Sigma Financial Corporation Losses
Former and current Sigma Financial Corporation customers with investment losses that exceed $250,000 are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
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 represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. KlaymanToskes has office locations in California, Florida, New York and Puerto Rico.