Massachusetts securities regulators fine San Antonio broker-dealer
Massachusetts securities regulators fined San Antonio-based Investment Professionals Inc. $100,000 for allegedly using aggressive sales practices that led to the sale of unsuitable investment products to elderly investors.
The broker-dealer and investment advisers also was ordered by the Massachusetts Securities Division to offer restitution to four clients and to hire an independent compliance consultant to review the firm’s policies governing supervision of its financial consultants who are registered in Massachusetts.
The consultant also must review the firm’s policies addressing the sale of securities to customers over the age of 65 and its compliance with rules on noncash compensation and gifts.
“IPI is pleased to have resolved the complaint brought forth by the Commonwealth of Massachusetts Securities in November,” the firm said in an emailed statement. “IPI continues to remain focused on serving our communities and customers.” It declined further comment.
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