Western International Securities: 5 Customer Complaints, 7 Regulatory Actions
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 20, 2019 indicate that California-based brokerage and advisory firm Western International Securities has received customer complaints and regulatory sanctions in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Western International Securities (CRD# 39262).
Established in Colorado in 1995, Western International Securities is headquartered in Pasadena, California and registered with 52 US states and territories. Organized as a corporation, its fiscal year ends in December. According to the firm’s BrokerCheck report, Western International Securities has received five customer complaints and seven regulatory sanctions.
In 2018 FINRA sanctioned Western International Securities in connection to allegations of supervisory failures concerning the recommendation and sale of leveraged, inverse, and inverse-leveraged exchange traded funds, also known as non-traditional exchange traded funds. FINRA’s findings state that the firm did not reasonably supervise representatives’ solicitations of non-traditional ETF transactions in the accounts of retail customers; that it lacked written policies or procedures dealing with the products; that it lacked any system providing for the review of the products’ risks by supervisory personnel; that it lacked exception reports or alerts specific to non-traditional exchange-traded funds; that it failed to perform adequate suitability analyses of the products before recommending them to retail customers as long-term investments; and that it recommended purchases that were unsuitable for certain customers. In connection with these findings, the firm was censured and issued a fine of $125,000.
In 2014 a customer alleged Western International Securities breached its fiduciary duty, churned investments, misrepresented material facts, omitted material facts, recommended unsuitable investments, executed unauthorized trades, breached contract, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of $200,000
In 2014 a customer alleged the firm breached its fiduciary duty, recommended unsuitable investments, and acted negligently. The complaint resulted in an award to the customer of more than $1,042,700.
In 2014 FINRA sanctioned the firm in connection to allegations of supervisory failures stemming from a representative’s private securities transactions in foreign currency trading program. In connection with these findings, the firm was censured and issued a fine of $80,000.
In 2008 FINRA sanctioned the firm in connection to allegations it purchased or sold corporate bond products and failed to do so at a price that was fair. In connection with these findings, the firm was censured and issued a fine of $12,500. It was also ordered to pay restitution of $2,199 to affected customers.
If you or someone you know has lost money investing with Western International Securities, 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.