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Olde Discount Brokerage Nailed with $5 Million Fine
Olde Discount Brokerage nailed with $5 million fine by SEC for sales practice abuses. Olde agrees to waive statute of limitation defenses in customer arbitrations seeking to recover losses.
In a major blow to Olde's reputation as being able to give proper financial advise to investors, the SEC fined Olde $5 million dollars after the SEC determined that "Olde's compensation, production, hiring and training policies created an environment that enabled the firm's brokers to engage in abusive sales practices, such as churning, unauthorized and unsuitable trading, and lying to customers.
Investors who have lost money at Olde can arbitrate to recover those losses. Moreover, Olde has waived its rights to argue that statutes of limitations bar claims. Expect to see many customer complaints to recover.
For further information, visit www.sec.gov/news/olde.htm.
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