Form CRS/Form ADV
Introduction
Old City Securities, LLC (“Old City”, “we”, “us”) is a broker/dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Brokerage and investment advisory services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker/dealers, investment advisers, and investing.
Relationships and Services
What investment services and advice can you provide me?
Services:
Old City provides introductions and placement agent services, primarily into private placement vehicles. Old City does NOT maintain brokerage accounts through which you can purchase and sell stocks, bonds, mutual funds or exchange traded funds. Old City does not exercise discretion over the purchase and sales of securities. You will make the final decision on each transaction. Old City offers a limited number of products. Other firms could offer a wider variety of products, some of which might have lower costs.
Requirements to open and maintain an account:
Old City does not have a minimum amount requirement to make an investment, but many of the products that they recommend do.
Our Obligations as a Broker-Dealer to You:
Old City must act in your best interest and not place our interests ahead of yours when we recommend an investment or an investment strategy involving securities. When we provide any service to you, we must treat you fairly and have policies and procedures in place to comply with our obligation to you: Unless we agree otherwise, we are not required to monitor your portfolio or investments on an ongoing basis.
Old City’s interests can conflict with your interests. When we provide recommendations, we must eliminate these conflicts or tell you about them and, in some cases reduce them.
Please visit the firm’s risk disclaimer statement at https://www.oldcitycapital.com/risk-disclaimer/ for more information concerning our services.
Conversation Starter – Given my financial situation, should I choose an broker-dealer service? Why or why not? How will you choose investments to recommend to me? What is your relevant experience, including your licenses, education, and other qualifications? What do these qualifications mean?
Fees, Costs, Conflicts and Standard of Conduct
What fees will I pay?
Principal Fees and Costs:
Old City’s fees are paid by the investment manager, as a percentage of the fees that the investor pays to the manager, and are not charged to the investor.
Conversation Starter – Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?
Conflicts and Standard of Conduct
What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?
When Old City acts as your broker-dealer, we are required to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Old City has adopted a Code of Ethics describing its standards of business conduct, potential conflicts of interest and fiduciary duties.
Conversation Starter – How might your conflicts of interest affect me, and how will you address them?
How do your financial professionals make money?
Old City sales personnel are compensated based on a portion of the fees paid to Old City, creating a conflict in that they have an incentive to recommend fee-generating products. Other Old City personnel are compensated based on individual performance and growth of the business.
Disciplinary History
Do you or your financial professionals have legal or disciplinary history?
Old City has not been subject to any disciplinary events by regulators nor is it a party to any legal events that are material to client evaluation of our broker-dealer business. You can visit Investor.gov/CRS for free and simple search tools to research us and our financial professionals.
Conversation Starter – As a financial professional, do you have any disciplinary history? For what type of conduct?
Additional Information
If you have any questions about our services or if you wish to request a copy of the relationship summary, please contact us at 212-671-1976 or compliance@oldcitysecurities.com. Additional information is also available on the SEC’s website at adviserinfo.sec.gov
Conversation Starter – Who is my primary contact person? Is he or she a representative of an investment adviser or broker-dealer? Who can I talk to if I have concerns about how his person is treating me?