The securities attorneys of Gana Weinstein LLP represent clients in investment claims against their brokers and brokerage firms, such as ING Financial Partners Inc. (ING). Investment related misconduct includes many different types of business activities ranging from unsuitable investment advice to Ponzi schemes, securities fraud, and failure to supervise. Our attorneys can analyze your account statements and correspondence and uncover evidence of misconduct that caused investment losses.
The ING Group is a Dutch company engaged in multinational banking and financial services. ING’s primary businesses unites are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance. ING stands for International Netherlands Group. In 2012, ING was the world's largest banking and financial services and insurance conglomerate by revenue. In 2009, ING had over 85 million individual and institutional clients in more than 45 countries.
ING is affiliated with, under common control, or otherwise performs business under the company names ING Financial Advisers, LLC, Aetna Investment Services LLC, ING Financial Markets LLC, ING (U.S.) Securities, NWNL Management Corporation, Variable Life Brokerage Distributors, and Washington Square Securities, Inc.
ING – By the Numbers:FINRA v. ING Financial Partners, Inc., et al, AWC No. 2012031270301 - The Financial Industry Regulatory Authority (FINRA) fined five affiliates of ING $1.2 million concerning allegations of failing to retain or review millions of emails. The five firms are indirect subsidiaries of ING Groep N.V., include Directed Services, LLC; ING America Equities, Inc.; ING Financial Advisers, LLC; ING Financial Partners, Inc.; and ING Investment Advisors, LLC. FINRA found that the firms failed to properly configure hundreds of employee email accounts to ensure that emails were retained and reviewed between 2004 and 2012. In addition, FINRA alleged that four of the firms failed to set up systems to retain certain types of emails. FINRA concluded that as a result of these failures emails were not subject to supervisory review.
FINRA v. ING (Aug. 9, 2006) – NASD fined four ING broker-dealers $7 million concerning allegations of receipt of directed brokerage in exchange for preferential treatment for certain mutual fund companies. The four broker-dealers involved in the regulatory action are Financial Network Investment Corporation, Inc. - fined over $3.4 million; ING Financial Partners Inc. - fined nearly $1.3 million; Multi-Financial Securities Corporation, Inc. - fined over $1.2 million; and Prime Vest Financial Services, Inc. - fined over $1 million. The NASD charged that the conduct by the four ING broker-dealers violated the Anti-Reciprocal Rule prohibiting arrangements where brokerage commissions are used to compensate firms for selling mutual fund shares. The rule is designed to ensure portfolio transactions are guided by "best execution" and not by other considerations.
FINRA v. ING (Oct. 3, 2005) – The NASD fined ING Funds Distributor (IFD) $1.5 million concerning allegation of permitting improper market timing in ING funds and related market timing violations. The NASD also ordered IFD to pay $1.4 million in restitution to the affected mutual funds, imposed a $25,000 fine, and 30-day supervisory suspension.
Gana Weinstein LLP has successfully handled customer securities disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.