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Financial West Group: 7 Customer Complaints, 48 Regulatory Actions

Financial West GroupPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 12, 2019 indicate that California-based brokerage and advisory firm Financial West Group has received customer complaints and regulatory actions in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Financial West Group (CRD# 16668).

Established in California in 1985, Financial West Group is headquartered in Westlake Village, California and registered with two US states and territories: Colorado and Wyoming. According to its BrokerCheck report, it has received 48 regulatory actions and seven customer complaints.

In 2017 FINRA sanctioned Financial West Group in connection to allegations it acted as a placement agent for a contingent private securities offering but did not use an escrow account for investor funds in connection with that offering, as required by securities law and firm supervisory procedures. In connection with these findings, the firm was censured and issued a fine of $20,000.

In 2016 FINRA sanctioned the firm in connection to allegations it transmitted reports to the order audit trail system containing inaccurate, incomplete, or improperly formatted data. In connection with these findings, the firm was censured and issued a fine of $10,000.

In 2005 the NASD sanctioned the firm in connection to allegations its supervisory procedures “did not require the firm to compare customer signatures on letters of authorization with the signatures on original new account document[s].” In connection with these findings, the firm was censured and issued a fine of $50,000.

In 2004 a customer alleged the firm breached its fiduciary duty, made unsuitable investment recommendations, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of $269,000.

In 2003 a customer alleged Financial West Group failed in its supervisory duties, made unsuitable investment recommendations, misrepresented material facts, and breached its fiduciary duty. The complaint resulted in an award to the customer of $100,000.

In 2001 a customer alleged Financial West Group breached its fiduciary duty, misrepresented material facts, made unsuitable investment recommendations, and breached contract. The complaint resulted in an award to the customer of more than $50,200.

In 1993 a customer alleged the firm misrepresented and omitted material facts, recommended unsuitable investments, and failed in its supervisory duties. The complaint resulted in an award to the customer of $18,000.

In 1992 a customer alleged the firm failed in its supervisory duties, breached its fiduciary duty, churned investments, and acted negligently. The complaint resulted in an award to the customer of $10,000.

If you or someone you know has lost money investing with Financial West Group, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.