FINRA barred former Western International Securities broker Anthony Baker Liddle amist an investigation into allegations that Liddle borrowed more than $1.8 million from customers, many of them elderly. FINRA previously sanctioned Liddle for selling GWG Holdings L bonds without authorization and for misleading statements including a failure to inform investors that GWG Holdings had suspended L bond sales.
An SEC investigation alleges Liddle engaged in a fraudulent scheme and misappropriated approximately $1.9 million from clients of Prosper Wealth Management while Liddle was associated with Western International Securities and/or Landolt Securities, Inc. Investigators allege Liddle used later investor funds to pay off earlier investors (before allegedly pocketing the purportedly misappropriated money entirely), as in a Ponzi-like fraudulent scheme.
As the registered firm of record, Western International may be liable for Liddle's misconduct and resulting damages, as a brokerage firm is responsible for supervising its personnel.
For instance, in 2022, FINRA fined Pasadena, CA-based Western International $400,000 for failing to supervise its real estate investment trust (REIT) business.
In the furtherance of his alleged fraud, Liddle purportedly misrepresented to his clients that their existing portfolios had become unsafe or risky and offered to invest in a "safer" product that carried less risk. Instead, according to the SEC, Liddle never invested in the securities and instead misappropriated his investors' funds.
A handful of complaints against Liddle allege he stole client funds and issued unauthorized promissory notes he may have failed to pay.
If you suffered losses after investing with former Western International Securities broker Anthony Liddle or with any investment adviser or representative who stole funds through misappropriation, a fraudulent Ponzi scheme, or other illicit activity, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.