Securities America Fined $100,000 Over IMH Secured Loan Fund & Medical Capital Sales Practices
Securities America, Inc. has entered into a settlement with the Financial Industry Regulatory Authority (FINRA) and will pay a fine of $100,000 in connection with the sale of two private placements. As part of the settlement, Securities America agreed to the following findings:
- The firm failed to have a supervisory systems in place designed to identify misrepresentations or misleading statements made to customers regarding two private placements: (1) the IMH Secured Loan Fund and (2) Medical Provider Funding Corporation (aka “Medical Capital”).
- Securities America’s email monitoring system failed to identify several emails that misrepresented the liquidity and safety of the IMH Secured Loan Fund.