Firm Stats

  • CRD# 29604
  • SEC# 8-44435
  • 8 Regulatory Events
  • 4 Customer Complaints/Arbitration Awards 
  • 1 Civil Bond 
  • Total Revenues: $346 million – 2012
  • Total Account Assets: $36 billion - 2012
  • Number of Retail Offices: 895
  • Representatives: 1,454 - 2012

Corporate Profile

National Planning Corporation ("National Planning" or "NPC") is part of National Planning Holdings, Inc., one of the nation's largest broker-dealer networks. National Planning was founded in 1998, and is headquartered in El Segundo, California. NPC’s business model caters to the independent investment professional. The firm is also a Registered Investment Adviser ("RIA") and is affiliated with Jackson National Life Insurance Company, which the firm advertises as one of America’s leading retirement solution providers.

National Planning Corporation is affiliated with, under common control, or otherwise performs business under the company names Jackson National Financial Services, Inc. and NPC of America.

NPC is a securities brokerage firm which is licensed by the Financial Industry Regulatory Authority ("FINRA"). Firms licensed through FINRA, formerly the National Association of Securities Dealers (NASD), must comply with securities regulations and federal and state securities laws. When these firms violate regulations or laws, they can face actions by regulators, federal or state criminal prosecutors, or private actions by individual and institutional investors.

Investors Have the Right to Recover Their Losses

Because National Planning Corporation is licensed by FINRA, they are subject to the laws that FINRA enforces. National Planning is responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If a representative from National Planning loses your assets through negligence or fraud, it immediately puts National Planning at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.

How FLG can help

Our law firm represents institutional and individual investors nationwide who have lost a substantial portion of their retirement savings or other assets. We represent securities investors in their disputes with their investment advisers or brokerage firms, such as National Planning Corporation. Our attorneys have successfully represented hundreds of investors in broker dispute cases against large and small investment firms. We also have extensive experience working on the opposite side, defending the brokerage firms and financial advisers. We now use our knowledge of how the other side operates to get the best possible results for our clients.

Each lawyer and staff member of our firm is devoted to assisting investors to recover losses caused by fraud, misrepresentation, omissions of material facts, breach of fiduciary duty, conflicts of interest, self-dealing, unauthorized trades, selling away, unsuitability, over-concentration,  or other wrongful acts, whether intentional or negligent. Whether in state or federal court, or in arbitration proceedings in FINRA or the American Arbitration Association ("AAA"), Furgison Law Group helps investors recover their investment losses.

Don't let firms like National Planning Corporation get away with loosing your hard earned money. Contact us today for a Free Case Evaluation. We will tell you if you have a case worth pursuing.

Recent Misconduct, Negligence and Sanctions

Richard J. Felter and the Rosemary Felter Trust, et al v. National Planning Corporation and Joseph Russo – National Planning was ordered to pay a $1.2 million arbitration award to an Iowa investor in a dispute that focused on a real estate investment. The investors alleged that NPC and a former broker, Joseph Russo, breached their fiduciary duty, were negligent, made misrepresentations and violated industry rules. The investor complaint involved a Tenant-In-Common ("TIC") private real estate investments and sought between $1.8-$2.5 million in compensatory damages. The investor asserted NPC replaced a major component of his retirement income with a speculative, illiquid, single building, single tenant lease through a 1031 exchange at Respondent's recommendation. Claimant asserted that this investment resulted in an overconcentration of his assets and was not suitable for Claimants' investment objectives and risk tolerance. See Full Award >

NASD v. National Planning Corporation, et al – The NASD announced a fine was imposed upon eight broker-dealers - including seven retail firms and one mutual fund distributor – of more than $7.75 million concerning allegations that the firms engaged in directed brokerage violations. National Planning’s fine amount was $1.3 million. The NASD alleged that the firms received payments for directed brokerage activities in exchange for preferential treatment for certain mutual fund companies. NASD's Anti-Reciprocal Rule prohibits firms from favoring the sale of shares of mutual funds on the basis of brokerage commissions received by the firm. The NASD’s rule prohibits a firm from establishing preferred lists of funds in exchange for receipt of directed brokerage.

Customer v. National Planning Corporation – National Planning Corp. was ordered to pay a $6.2 million arbitration award to two Minnesota investors in a dispute that focused on real estate investments. The investors alleged that NPC and a former broker, Christopher R. Olson, breached their fiduciary duty, were negligent, made misrepresentations and violated industry rules. The investor complaint involved real estate investment trusts (REITs) and other private real estate investments, in February 2012 and sought $12.5 million in compensatory damages. The investors “asserted that they also had to satisfy outstanding loan amounts on mortgages on the real estate investments in order to prevent foreclosure,” according to the FINRA award. The investors alleged that Olson manipulated them into undertaking significant debt and liquidating annuitizing and structuring their investment assets earmarked for retirement to pay the staggering debt obligations related to the real estate investment recommendations.

Additional Resources:

Financial Industry Regulatory Authority

Financial Industry Regulatory Authority

 Securities and Exchange Commission

 Securities and Exchange Commission

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