Center Street Securities Inc., a Financial Industry Regulatory Authority-affiliated broker-dealer, has officially requested termination, according to the firm’s BrokerCheck report. The news was first reported by Bruce Kelly of Investment News.
Founded in 1990, Center Street Securities is owned by Center Street Holdings Inc., a holding company owned by Arete Wealth Inc., another holding company.
As The DI Wire previously reported in January 2023, FINRA fined Center Street Securities Inc. after the broker-dealer supposedly failed to inform 20 investors in offerings related to GPB Capital Holdings LLC that the issuer did not make timely required filings with the Securities and Exchange Commission, including filing audited financial statements. Kelly’s report also highlights that Center Street was a significant distributor of the now-bankrupt GWG Holdings Inc.’s private placement bond offerings.
Center Street had $336 million in advisory assets, according to its latest Form ADV.
According to a filing with the Securities and Exchange Commission, the firm had 34 outstanding arbitration claims at the end of December 2022, filed by customers against the company with claims ranging from unspecified amounts up to approximately $1.5 million and an aggregate total of approximately $9.1 million.