Unlicensed online securities broker-dealer services and sales of CDs
The Department of Business Oversight (DBO) has been notified two related companies have been offering unlicensed online securities broker-dealer services and unregistered sales of certificates of deposit (CDs). The two firms are Leitner Investments (dba Steve Leitner) at www.leitnerinvestments.com and Monroe Financial at www.monroefp.com/ and www.monroefinancialservices.com. These two companies sometimes fraudulently claim to be a DBO licensee named “Monroe Financial Partners Inc.”
Monroe Financial and Leitner Investments are NOT licensed by DBO. Both claim to be located at 8200 Wilshire Blvd., Beverly Hills, California, but could be claiming any number of Southern California addresses.
The DBO advises consumers that using a licensed securities broker-dealer affords protections under state law related to disclosures, fees and protection of funds, and provides recourse if there is a dispute with the broker-dealer.
California consumers should check on the licensing status of broker-dealers by visiting the Financial Industry Regulatory Authority’s (FINRA’s) online broker check at http://brokercheck.finra.org, or calling the DBO’s Consumer Services Office toll-free at (866) 275-2677.