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Park Avenue Securities Fined

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Park Avenue Securities was fined $25,000 for failing to enforce its supervisory regulations for the reporting of events involving its stockbrokers, such as failing to provide the full discounts and costs savings on breakpoints on mutual funds. (October, 2009 2007010095201)

Park Avenue Securities was ordered to pay $300,000 damages in an arbitration in Boca Raton, Florida in a claim arising out of the sale of variable annuities. While damages greater than that amount were sought, expungement of the stockbroker’s records Thomas Ferrara), was rejected by the panel. (10-05263).


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