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Red Bank NJ, Attorney General Gurbir S. Grewal today announced several actions by the New Jersey Bureau of Securities in its ongoing investigation of the now-defunct First Standard Financial Company, LLC, of Red Bank, a broker-dealer whose agents defrauded customers as part of an excessive trading scheme.
the staff of the Ridgewood blog
Red Bank NJ, In the latest action in its ongoing investigation of First Standard Financial Company, LLC, in Red Bank, the New Jersey Bureau of Securities today announced it has revoked the broker-dealer’s registration and obtained a court-ordered freeze of the firm’s assets amid findings that its agents raked in more than $28.7 million through pervasive unauthorized, unsuitable, and excessive trading that unjustly enriched the firm and its agents at the expense of its customers.
Continue reading New Jersey Bureau of Securities Shuts Down Red Bank Broker-Dealer for Excessive Trading Scheme
