February 25, 2015
EDI Financial, Inc. entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that the company failed to adopt and implement supervisory systems and procedures reasonably designed to achieve compliance the firm’s suitability obligations in connection with the sale of private placements. FINRA alleged that EDI failed to adequately supervise whether sufficient due diligence was conducted on private placements.
In addition FINRA found that EDI Financial failed to supervise adequately mutual fund switches and maintained inaccurate records concerning mutual fund switches and lacked adequate written procedures related to non-branch inspections.
EDI Financial was censured and fined $100,000.
EDI Financial has been a FINRA member since 1986, is headquartered in Irving, Texas, and has 70 brokers in 22 branch offices. If you have losses on private placements or mutual funds in an account at EDI Financial, you may be able to recover damages. Call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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