FINRA Rules for SECU in Estate Case
After hearing both sides, a Financial Industry Regulatory Authority panel recently denied all claims made by the estate that was seeking more than $2 million against an investment adviser that worked for a broker-dealer acquired by SECU Brokerage Services Inc.
In a convoluted case, the securities regulator heard the matter at an arbitration hearing held in San Diego Feb. 21-24. The dispute involved SECU Brokerage, an investment adviser who worked with XCU Capital Corp., and Investors Arbitration Specialists, the trust that claims its client, Helen Cohen, suffered losses after an alleged failed real estate investment in September 2005. Cohen died in 2008.