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Recent Posts in Wedbush Securities Category

Broker Bonuses and Forgivable Loans - When Brokers Place Personal Profits Above Client Interests, a William Mark Heiden Case Study

On the heels of FINRA's January 2019 complaint charging former Wedbush Securities broker William Mark Heiden of Southern California with unauthorized trading in elderly clients' brokerage ...
Continue reading "Broker Bonuses and Forgivable Loans - When Brokers Place Personal Profits Above Client Interests, a William Mark Heiden Case Study" »

Unauthorized Trading, Suitability, and Customer Abuse Complaints Catch Up to Wedbush's William Mark Heiden of Southern California

With 14 customer disputes and millions paid in settlements since 2015 surrounding allegations of unsuitable recommendations, unauthorized trading, overconcentration, abuse of margin, fraud, elder ...
Continue reading "Unauthorized Trading, Suitability, and Customer Abuse Complaints Catch Up to Wedbush's William Mark Heiden of Southern California" »

SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme

Having issued southern California broker Timary Ann Delorme aka Timary Kennally Koller a cease-and-desist order and ordering $50,000 in civil penalties for her involvement in Izak Zirk Engelbrecht aka ...
Continue reading "SEC Charges Wedbush Securities with Failing to Supervise Timary Delorme in Penny Stock Market Manipulation Scheme" »

Wedbush Fined $1.5 Million Over Customer Protection and Supervisory Failures

FINRA fined Los Angeles-headquartered brokerage Wedbush Securities Inc $1.5 million for supervisory failures and for violating the SEC's customer protection and net capital rules. FINRA wrote that ...
Continue reading "Wedbush Fined $1.5 Million Over Customer Protection and Supervisory Failures" »

Ameriprise's Larry Boggs Barred for Churning Elderly Client Accounts, Improperly Changing Customer Objectives

FINRA barred former Ameriprise Financial and Wedbush Securities broker Larry Martin Boggs for excessively and unsuitably trading five elderly customers' accounts while associated with Amerprise of ...
Continue reading "Ameriprise's Larry Boggs Barred for Churning Elderly Client Accounts, Improperly Changing Customer Objectives" »

Ex-Morgan Stanley Rep Timothy T Gibbons Suspended, to Pay $737,000 for Unsuitable Oil & Gas Over-Concentration in Elderly Accounts

FINRA suspended former Morgan Stanley broker Timothy Thomas Gibbons for unsuitable investment recommendations to five elderly and retired clients in their 70s, 80s, and 90s after Gibbons purportedly ...
Continue reading "Ex-Morgan Stanley Rep Timothy T Gibbons Suspended, to Pay $737,000 for Unsuitable Oil & Gas Over-Concentration in Elderly Accounts" »

SLCG Study Finds Aegis Capital, Newbridge Securities Employ Most Brokers with History of Complaints

A Securities Litigation & Consulting Group (SLCG) study ranked brokerage firms based on broker complaint history, finding that nearly one quarter of all brokers employed by Aegis Capital Corp and ...
Continue reading "SLCG Study Finds Aegis Capital, Newbridge Securities Employ Most Brokers with History of Complaints" »

Unsuitable and Risky Oil and Gas Sales and Plummeting Energy Investments Cost Elderly Clients Millions of Dollars in Losses

The once-boisterous oil and gas sector has dramatically cooled, translating into multi-million dollar losses for investors improperly sold these risky products and leaving a flurry of frozen calls ...
Continue reading "Unsuitable and Risky Oil and Gas Sales and Plummeting Energy Investments Cost Elderly Clients Millions of Dollars in Losses" »

Jonathan W. Evans & Associates is Investigating Claims Against William Mark Heiden & Wedbush Securities over Energy Stock Overconcentration

The Law Offices of Jonathan W. Evans & Associates is investigating possible claims that Wedbush Securities, Inc. broker William Mark Heiden (Newport Beach, California) mismanaged client accounts ...
Continue reading "Jonathan W. Evans & Associates is Investigating Claims Against William Mark Heiden & Wedbush Securities over Energy Stock Overconcentration" »

Wedbush Drops Appeal of $1 Million Fine for "Egregious" and "Willful" Blue Sheet Failures

FINRA's $1 million fine levied against Wedbush Securities (Los Angeles, CA) for incomplete and inaccurate blue sheet submissions and related audit/supervisory system failures became final after ...
Continue reading "Wedbush Drops Appeal of $1 Million Fine for "Egregious" and "Willful" Blue Sheet Failures" »

Former Wedbush Associate Shiva Naby Fined $25k & Suspended for Falsifying MSRB Documents

The FINRA Office of Hearing Officers suspended former Wedbush Securities associate Shiva Naby of the firm's San Francisco branch and fined her $25,000 for "willfully" falsifying ...
Continue reading "Former Wedbush Associate Shiva Naby Fined $25k & Suspended for Falsifying MSRB Documents" »

Wedbush Securities Fined $675,000 for Supervisory Violations in 'Chronic' ETF Delivery Failures, Short Sales

FINRA and NASDAQ jointly censured and fined Wedbush Securities, Inc. $675,000 for supervisory failures related to redemption and trading of leveraged exchange-traded funds ("ETFs"), which ...
Continue reading "Wedbush Securities Fined $675,000 for Supervisory Violations in 'Chronic' ETF Delivery Failures, Short Sales" »

Wedbush Ordered to Pay $350,000+ After Losing FINRA Appeal

Wedbush Securities and president Edward Wedbush lost its appeal of a 2012 complaint alleging failure to accurately and timely report earlier customer complaints, employee registration and failures ...
Continue reading "Wedbush Ordered to Pay $350,000+ After Losing FINRA Appeal" »

SEC Fines Wedbush $2.4 Million for Market Access Violations as FINRA Complaint Awaits

Los Angeles-based Wedbush Securities settled a pending SEC case for $2.44 million for violating the industry's market access rule by failing to have adequate risk prevention controls in place ...
Continue reading "SEC Fines Wedbush $2.4 Million for Market Access Violations as FINRA Complaint Awaits" »

FINRA Charges Wedbush Securities with Insufficient Controls, Leading to Manipulative Trades

FINRA accused Los Angeles-based Wedbush Securities of systematic market access violations and anti-money laundering ("AML") deficiencies, filing a complaint that charged Wedbush with failing ...
Continue reading "FINRA Charges Wedbush Securities with Insufficient Controls, Leading to Manipulative Trades" »

Former Wedbush Securities Rep Karen Ann Mendez Barred for Misappropriation of Funds, Falsified Records

FINRA barred former Wedbush Securities Inc. representative Karen Ann Mendez of Southern California for misappropriation of funds which occurred over the March 2008 through April 2012 period. The ...
Continue reading "Former Wedbush Securities Rep Karen Ann Mendez Barred for Misappropriation of Funds, Falsified Records" »

Bambi Holzer Barred for Unsuitable Provident Royalties Sales, Failure to Disclose and Submission of False Information

FINRA officially barred broker Bambi Iris Holzer from the securities industry this month for a series of unsuitable recommendations, gaining of supervisory approval through the use of false ...
Continue reading "Bambi Holzer Barred for Unsuitable Provident Royalties Sales, Failure to Disclose and Submission of False Information" »

About Time: FINRA Files Complaint Alleging Unsuitable Recommendations, Falsification of Records After Beverly Hills Broker Bambi Holzer Suspended From Industry

Following her September 2013, suspension from the securities industry for failing to pay an arbitration award, FINRA filed a civil enforcement complaint against Bambi Holzer alleging multiple ...
Continue reading "About Time: FINRA Files Complaint Alleging Unsuitable Recommendations, Falsification of Records After Beverly Hills Broker Bambi Holzer Suspended From Industry" »

Sean Placido Rodriguez Suspended, Fined and Ordered to Pay Partial Restitution for Unauthorized Trading

FINRA suspended supervisor Sean Placido Rodriguez of Glendale, California, fined him $10,000 and ordered disgorgement in the amount of $5,000, plus interest, for allegedly recommending and effecting ...
Continue reading "Sean Placido Rodriguez Suspended, Fined and Ordered to Pay Partial Restitution for Unauthorized Trading" »
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