NEEDHAM, Mass. (WWLP) – Secretary of the Commonwealth William Galvin charged Securities America, Inc. Tuesday with failure to supervise its agent by approving deceptive advertising which aired in a radio campaign last year.
The radio ad exploited the dangers of Alzheimer’s disease in order to gain senior citizen clients for a Needham investment adviser representative and broker-dealer agent of Securities America.
Securities America is a broker-dealer subsidiary of Ladenburg Thalman Financial Services Inc.
The complaint states that Securities America’s agent, Barry Armstrong, “ran a grossly deceptive AM radio advertising campaign targeted at vulnerable Massachusetts senior citizens.”
The administrative complaint seeks a cease and desist order, a censure of the company, an order requiring Securities America to obtain an independent compliance consultant, and a administrative fine.
The Division filed a separate complaint today against the agent, Barry Armstrong.