Dalmore Group LLC

Date:

May 12, 2021

Type of alert:

FINRA AWC  

Dalmore Group LLC, a brokerage firm headquartered in Woodmere, New York, recently consented to sanctions imposed by the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve alleged violations of securities industry rules. Dalmore has approximately 40 registered representatives in three branches and it line of business mainly deals with private placements.

FINRA Department of Enforcement alleges in the AWC that between March 2017 and December 2018, Dalmore failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to detect due diligence obligations concerning any private placement offerings that it recommends and sells to its customers. Dalmore’s supervisory procedures required the firm to review several areas related to the private offerings before making them available to customers. According to the AWC, Dalmore failed to conduct an independent investigation to review the issuer’s business plans or models, prospects for the industry, and other details. Instead, the firm relied almost exclusively on information and documentation provided by the issuers. For example, if the firm had conducted its own investigation of one offering, it would have discovered that a key director and officer of the issuer was the subject of securities-related litigation. Based on the foregoing, Dalmore violated FINRA Rules 3110 and 2010.

FINRA Department of Enforcement also claims that Dalmore violated FINRA Rule 5123 and 2010 by failing to file their private placement memorandums in a timely manner between April 2017 and February 2019. Dalmore consented to a censure and $40,000 fine to resolve allegations made against it, without admitting or denying any wrongdoing.

Take the next steps to find out if you have a claim:

Step 1.

Talk to an Experienced Attorney Today

Call and speak to one of our attorneys* for a no-cost consultation to discuss your situation, answer your questions, and help you determine the next steps. This call usually takes about 15 minutes, but we are happy to talk to you as long as you would like!

Step 2.

Quick Review of Your Paperwork

If we think you might have a case, we will need to review a few basic documents. If we determine you have a case, then you will have the option to hire us as your attorneys to pursue it.

Step 3.

Signed Attorney/Client Agreement

If you decide to hire us to pursue your case, we will have you sign an attorney-client agreement so we can begin the process of trying to recover your losses.*

*In the vast majority of cases, our agreement is contingent – meaning you won’t owe us any money unless we recover money for you.


Request a Consultation

This site contains attorney advertising. The attorneys at ChapmanAlbin are licensed to practice law in Ohio and Michigan. Any reference to past cases or successes made herein should not be construed as a guarantee of any future outcome. Each client and each client’s case is unique, and no result or outcome is or can ever be guaranteed. The information provided in this website is offered for general information purposes only; it is not offered as and does not constitute legal advice in any way. // Disclaimer