Center Street Securities Inc., a broker-dealer affiliated with the Financial Industry Regulatory Authority (FINRA), has formally requested termination, as revealed in the firm's BrokerCheck report. 

The termination request comes after FINRA imposed a fine on Center Street Securities Inc. in January 2023 for allegedly failing to inform 20 investors in offerings related to GPB Capital Holdings LLC about the issuer's failure to make timely required filings with the Securities and Exchange Commission. As previously reported by the DIWire, this includes filing audited financial statements. Additionally, Center Street was a major distributor of private placement bond offerings by the now-bankrupt GWG Holdings Inc. According to its latest Form ADV, the firm reported $336 million in advisory assets.

Furthermore, a filing with the Securities and Exchange Commission disclosed that the firm had 34 outstanding arbitration claims as of December 2022. Those claims, filed by customers against the firm, ranged from unspecified amounts up to approximately $1.5 million, with an aggregate total of approximately $9.1 million.

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