Proequities Gets Hammered in for $1.5M in Atlanta

A Financial Industry Regulatory Authority (FINRA) arbitration panel in Atlanta, Georgia has ordered ProEquities, Incorporated to pay a group of investors $1,541,047 in a case decided May 6, 2011. The claim was related to the purchase of stock in a company based in Atlanta, Advanced Asset Strategies. The group of investors alleged various causes of action, including negligence, violations of FINRA Rules and respondeat superior, among others.

After the conclusion of the evidentiary hearing the panel went into executive session to discuss and decide the case, finding ProEquities liable to the group for $1,541,047 in compensatory damages. The panel also assessed all of the forum fees of the arbitration in the amount of $17,250 against ProEquities. (FINRA# 09-04516; Larry Mekelburg, et al v. ProEquities Inc., QA3 Financial Corporation and Stephen K. Wild).

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