Securities America to Pay $1 Million Fine to Settle Finra Claims

Securities America Inc. will pay a $1 million fine and $2 million in customer restitution to resolve an industry regulator’s allegations that it failed to properly supervise representatives steering clients into investments that generated high fees but weren’t in their best interests.

The firm, which was acquired by Osaic Wealth Inc. in 2024, had insufficient protections that resulted in customers paying unnecessary fees, the Financial Industry Regulatory Authority said Wednesday. The firm agreed to pay the penalty and return money to clients without admitting to or denying the claims.

Firms have a fundamental obligation to supervise their employees’ recommendations and ...