ComplaintsforSecurities America Financial Corporation

• Initial Complaint

  03/13/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  It’s an NFS securities account with Securities of America. I have been in contact with the Agent Debra ******** whose number is listed on this form. After losing all my investments, she continues send a statement with * ***** it. I have asked her to close this account out , give me a customer service number to see where my investments went. She never responds and there is not a current/ customer service number on the statements. I’m not exactly sure how this person has a securities trading license. She needs to be investigated, as well as the companies she trades with. It’s a scam.

  Business response

  04/03/2023

  March 31, 2023
  
  
  
  Susan ********
  *** **** ***
  ******* ***** ** *****
  
  
  Re:       Better Business Bureau ID No. ********
  Securities America Case No. **********
  Brokerage Account No. ********* *** ***
  
  
  Dear Ms. ********:
  
  This letter is in response to the complaint regarding the service you have received from Securities America, Inc. (“Securities America” or “Firm”) Financial Professional Debra ******** that you submitted to the Better Business Bureau (“BBB”). The BBB forwarded your complaint to us for investigation and response. We appreciate the opportunity to address your concerns.
  
  You allege that Ms. ******** lost the money invested in the above referenced account (the “Account”), yet she continues to send you Account statements that reflect a balance of *** *****. You have asked Ms. ******** to close the Account, and to date it remains open. You request that the Account be closed, and Ms. ******** and Securities America be investigated because “it’s a scam.”
  
  Our records show the Account activity as follows:
  
  July 3, 2006: you transferred ****** shares of ******** *** ******* ******** Fund class * shares (“*****”) and $***** to the Account
  April 12, 2007: you sold ***** of the ***** shares
  December 31, 2012: ****** ***** shares converted to ****** ******** *** ******* ******** Fund class * shares (“*****”)
  March 1, 2013: you sold ****** shares of *****
  January 25, 2021: you completed a Premiere Select IRA One-Time Distribution Request Form directing a premature withdrawal of the full Account be sent to you via check to your name and address of record
  February 24, 2021: check in the amount of $******** was issued in your name and mailed to your address of record
  February 26, 2021: ******** dividend received in the Account
  February 26, 2023: Account closed
  
  We have no records indicating the check issued in 2021 was returned. Ms. ******** has also said she is not aware of any problems with the check. In addition, she stated that she did not know you were still receiving statements for the Account and apologizes for any inconvenience. Securities America strives to provide excellent customer service to its clients. We regret if we fell short in this instance and offer our sincere apology.
  
  If you did not receive the check, please contact the Firm at your earliest convenience at ***** ********. Your February 2023 statement shows a zero balance; and therefore, you should not expect to receive any additional statements. Based on the foregoing, we are unable to substantiate allegations of loss. We trust that this matter has been resolved to your satisfaction. We thank you for your past business and wish you the best going forward. If you have any questions or concerns, please do not hesitate to contact me at ***** ********.
  
  Regards,
  Jennifer ** ****
  Compliance Officer
  
  cc: BBB

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩