American Wealth Management, Inc. Complaint & Legal Claims Center


Do you have a claim against American Wealth?

Important Information You Should Know:

American Wealth Management is a securities brokerage firm which is licensed by FINRA.
 Firms licensed through the Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers (NASD), must comply with securities regulations and federal and state securities laws.  When these firms violate regulations or laws they can face actions by regulators or by federal or state criminal prosecutors.

Very few “securities police” have the impossible duty to attempt to govern billions of dollars
in transactions each year, handled by hundreds of thousands of salespersons nationwide at thousands of securities firms.  Approximately 660,000 registered salespersons at 5,300 securities firms handle hundreds of millions of transactions annually for over 60 million investors.  It is impossible for securities regulators to police this activity.

Securities regulators and officials do not often recover losses for victims of securities fraud.  Just as police give tickets and motorists usually hire attorneys to recover damages, victims of securities fraud hire attorneys to recover their losses. As well, claims against brokerage firms including American Wealth Management, can be for securities fraud, or for breach of duty, breach of contract, negligence and other claims not covered by securities regulations or statutes.

Claims against brokerage firms are almost always determined in securities arbitration.  
When an account is opened at securities firms including American Wealth Management, investors sign documents which include agreements to arbitrate any dispute. The U.S. Supreme Court decided in 1987 that securities arbitration agreements are enforceable.  Arbitration is a private proceeding which takes the place of court actions.  Appeals of arbitration decisions to court are very limited and usually unsuccessful.

Investors represented by an attorney in securities arbitration are much more successfulStatistics prove that investors who file claims with the assistance of an attorney recover twice as often as those not represented.  Only a small percentage of lawyers have ever represented an investor in arbitration and very few law firms nationwide have extensive experience with securities arbitration cases.

To learn whether you can recover losses through a claim against American Wealth Management
Contact Shepherd Smith Edwards & Kantas LTD LLP law firm for a free consultation with an attorney.

About Shepherd Smith Edwards & Kantas LTD LLP Law Firm:

Our law firm represents institutional and individual investors nationwide who have lost a substantial portion of their retirement or other assets.  Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Several of our lawyers and staff members served for years as a Vice President or Compliance Officer of major brokerage firms.

Each lawyer and staff person at our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  We have handled thousands of cases against hundreds of large and small investment firms, including claims against firms such as American Wealth Management.



Additional Information
Reporting Source: Regulator
Allegations: SECURITIES AND EXCHANGE ACT SECTION 17(A), RULE 17A-3, SECTION
15(C) , RULE 15C3-1 AND NASD RULES 2110, 3110, 3010(A), 3010(B) AND
3010(C) - THE FIRM CONDUCTED A SECURITIES BUSINESS ON NOVEMBER
30, 2004 WHILE FAILING TO MAINTAIN ITS MINIMUM NET CAPITAL AS
REQUIRED BY SECTION 15(C) OF THE SECURITIES AND EXCHANGE ACT
OF 1934. THE FIRM, ACTING THROUGH A PRINCIPAL, PREPARED AN
INACCURATE GENERAL LEDGER, TRIAL BALANCE AND NET CAPITAL
COMPUTATION FOR NOVEMBER 2004. DURING THE PERIOD FROM Initiated By: NASD
Principal Sanction(s)/Relief
Sought:
Other Sanction(s)/Relief
Sought:
Date Initiated: 11/20/2006
Docket/Case Number: E072004002501
Principal Product Type: No Product
Other Product Type(s):
JANUARY 2003 UNTIL OCTOBER 2004, THE FIRM, ACTING THROUGH A
PRINCIPAL, FAILED TO ESTABLISH, MAINTAIN AND ENFORCE A
SUPERVISORY SYSTEM AND WRITTEN SUPERVISORY PROCEDURES THAT
WERE REASONABLY DESIGNED TO SUPERVISE THE ACTIVITIES OF EACH
REGISTERED REPRESENTATIVE ASSOCIATED WITH THE FIRM.
Resolution Date: 11/20/2006
Sanctions Ordered: Censure
Monetary/Fine $15,000.00
Disgorgement/Restitution
Other Sanctions Ordered:
Sanction Details: WITHOUT ADMITTING OR DENYING THE FINDINGS, AMERICAN WEALTH
MANAGEMENT, INC. CONSENTED TO THE DESCRIBED SANCTIONS AND TO
THE ENTRY OF FINDINGS; THEREFORE THE FIRM IS CENSURED AND
FINED $15,000, JOINTLY AND SEVERALLY. IN ADDITION, THE FIRM IS
ORDERED TO PAY DISGORGEMENT OF EXCESS COMMISSIONS TOTALING
$6,284.09, PLUS INTEREST TO PUBLIC CUSTOMERS. SATISFACTORY
PROOF OF PAYMENT OF THE RESTITUTION OR OF REASONABLE AND
DOCUMENTED EFFORTS UNDERTAKEN TO EFFECT RESTITUTION SHALL
BE PROVIDED TO NASD NO LATER THAN 120 DAYS. IF FOR ANY REASON
THE FIRM CANNOT LOCATE ANY CUSTOMER AFTER REASONABLE AND
DOCUMENTED EFFORTS WITHIN SUCH PERIOD, OR SUCH ADDITIONAL
PERIOD AGREED TO BY NASD, THE FIRM SHALL FORWARD ANY
UNDISTRIBUTED RESTITUTION AND INTEREST TO THE APPROPRIATE ESCHEAT, UNCLAIMED PROPERTY, OR ABANDONED PROPERTY FUND
FOR THE STATE IN WHICH THE CUSTOMER LAST RESIDED.

Contact Us
Free Consultation: (800) 259-9010