The securities arbitration attorneys at McCabe Rabin, P.A. are investigating potential claims against Royal Alliance Associates, Inc. (“Royal”) on behalf of customers of its former brokers, Peter Bonnell (“Bonnell”) and Linda Bakalis Schurr ("Schurr").
Royal recently submitted a Letter of Acceptance, Waiver and Consent (“AWC”) to the Financial Industry Regulatory Authority (“FINRA”) in which it consented to FINRA’s findings that Royal allowed Bonnell and Schurr to remain registered with Royal despite being statutorily disqualified from serving as registered representatives by multiple state regulatory actions. According to the AWC, despite being barred from serving as registered representatives beginning in August 2008, Royal allowed Bonnell and Schurr to remain registered with the firm until March 2009.
The AWC states that the state regulatory actions brought by Florida, Iowa, Delaware, Indiana, Wisconsin, California and Illinois related to an outside business activity owned and operated by Bonnell and Schurr called Investors Union, LLC (“Investors Union”). The AWC also states that the various states obtained regulatory orders against Bonnell, Schurr and Investors Union to cease and desist from engaging in deceptive and misleading conduct and violating state consumer protection statues. The AWC indicates that the cease and desist orders related to misleading postcards sent by Bonnell, Schurr and Investors Union to thousands of individuals throughout the United States regarding annuities.
Investors who had losses in an account associated with Bonnell or Schurr during the time they were associated with Royal Alliance, and who may have a FINRA arbitration claim, may contact the Florida investment fraud lawyers at McCabe Rabin, P.A. for a free and confidential consultation by calling toll free at 877.915.4040 or by e-mail to firstname.lastname@example.org.