Last Updated: October 2023
Madison Avenue Securities Investigation Summary
Here’s what you need to know about Madison Avenue Securities, a FINRA registered broker-dealer headquartered in San Diego, CA:
- Name: Madison Avenue Securities
- Owned by: KT Equity Partners II, LLC – 75% or more
- Former Name/Related Companies: Ashland Securities
- Function: FINRA Registered Broker Dealer
- CRD 23224
- Can Madison Avenue Securities be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
About Madison Avenue Securities
Madison Avenue Securities is a full service, independent Broker/Dealer and Investment Advisory firm serving clients with branches from coast to coast.
Today Madison Avenue Securities is dually registered as a FINRA broker-dealer and investment advisor with the U.S. Securities and Exchange Commission (SEC) with $1.8 billion under management and 240 registered representatives in 98 branch offices nationwide.
Madison Avenue Securities Regulatory History
According to their CRD, Madison Avenue Securities discloses 8 final regulatory matters, including:
- In May 2023 Madison Avenue Securities agreed to pay the U.S. Securities and Exchange Commission a fine of $150,000, disgorgement of $579,523 and prejudgment interest of $73,649 to resolve allegations that it breached its fiduciary duty by failing to provide full and fair disclosures regarding conflicts of interest associated with its receipt of third-party compensation based on advisor client investments and issues related to duty to seek best execution for clients.
- In June 2023 Madison Avenue was ordered to pay a fine of $20,000 by the Texas State Securities Board for supervisory procedure failures related to the sale of GPB Automotive. Madison Avenue Securities also agreed to pay restitution to affected clients. TSSB Order No. IC23-CAF-03
Madison Avenue Securities’ Customer Complaints
Numerous customer complaints have been filed against stockbrokers employed by Madison Avenue Securities, many of which involve illiquid alternative investments.
Follow these links for more details on some of our prior investigations of brokers who have been, currently are, registered with Madison Avenue Securities:
- Barber, David L. – Newport Beach, CA
- Buck, Jeffrey – Honolulu, HI
- Chandler, Lamont – Prarie Village, KS
- Cirbo, Dennis – Lakewood, CO
- Clark, Bryan J. – Atascadero, CA
- Conness, Grant – Fort Lauderdale, FL
- Costa, Andrew – Fort Lauderdale, FL
- Dickey, Mark – Albuquerque, NM
- Dixson, Jeffrey – Vancouver, WA
- Ecker, Ted (deceased) – Northbrook, IL
- Elafros, Mark – Northbrook, IL
- Fagan, Robert – San Diego, CA
- Geake, David – Whiting, IN
- Imel, Gary – Gig Harbor, WA
- Jacob, Christopher – Chesterfield, MO
- Jensen, Gail – San Diego, CA
- Jokela, Esq – Palm Beach Gardens, FL
- Kwan, Stephen – Austin, TX
- Luley, Jr. , Robert – Charlotte, NC
- Netzel, Steven – Sun Lakes, AZ
- Nielsen, Steven – Gilbert, AZ
- Perrmann, Steven – Kirkwood, MO
- Porter, Christopher – Yalesville, CT
- Reppert, Jon – Addison, TX
- Richards, Mark – Albuquerque, NM
- Thomas, John S. – Fort Lauderdale, FL
- Tikhonov, Dimitry – Torrance, CA
- Trewitt, Mark – Plano, TX
- Vanclef, Jason – Culver City, CA
- Vincent, Noel – Houston, TX
- Virga, Vincent – Bayonne, NJ
- Werts, Ann – Lakewood, CO
- Werts, Daniel – Lakewood, CO
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Allegations of Broker Misconduct Against Madison Avenue Securities Registered Representatives
Numerous customers of Madison Avenue Securities have alleged the following wrongdoing in connection with the handling of their accounts:
- Unsuitable Recommendations to Purchase Illiquid Alternative Investments
- Unsuitable Investment Recommendations to Purchase GPB
- Unsuitable Investment Recommendations to Purchase annuities
- Overconcentration of Alternative Investments Including REITs
- Misrepresentation
- Churning
- Unauthorized Trading
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition, brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by a financial advisor with Madison Avenue Securities contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
