Western International Securities Complaints are Rising: What You Need to Know
Western International Securities Sanctioned By FINRA For Failure To Supervise
Financial advisors and brokers are supposed to offer objective solutions that protect investors and guide them in making intelligent decisions. These relationships are similar to your trust in other professionals, such as doctors.
A breakdown in this relationship can devastate your finances. Firms and financial professionals are obligated to put your best interests first. Investors suffer from unscrupulous firms and their employees who do not follow the law and should be held accountable.
The Financial Industry Regulatory Authority (FINRA) governs the securities industry and oversees financial professionals and their firms. FINRA sets standards for everyone to follow and has the power to take action. FINRA can protect you and prevent firms and financial professionals from taking advantage of investors.
According to FINRA, Western International Securities has been a member since 1995. The company’s main office is located in Pasadena, CA, and there are roughly 140 branch offices where more than 450 registered representatives are employed.
Current And Past Allegations of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in October 2022, FINRA sanctioned Western International Securities with a censure, a fine of $400,000, and restitution and partial restitution of more than $470,000 plus interest. The company must also strengthen its supervisory and disclosure procedures to meet or exceed FINRA standards.
The FINRA sanction states, “From 2013 to 2017, Western failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with its suitability obligations in connection with recommendations of non-traded real estate investment trusts (non-traded REITs), in violation of NASD Rule 3010 and FINRA Rules 3110 and 2010. In addition, between 2015 and 2022, Western failed to report or timely report approximately 45 written customer complaints, customer arbitrations, and settlements, in violation of Article V, Sections 2(c) and 3(b) of FINRA’s By-laws and FINRA Rules 1122 and 2010.”
For a copy of the FINRA sanction, click here.
Why Choose Us?
The Wolper Law Firm, P.A. is here for investors with Western International Securities losses. Our attorneys serve as advocates who will stand up and fight for you. You work with a skilled attorney with decades of experience in these cases, and we handle everything. We will guide you through the process and lay out the strategies we can pursue.
We aim to hold the firm and financial professionals accountable for their actions. You could be entitled to compensation for your losses, including compensatory damages, attorneys fees, and punitive damages.
Our track record speaks for itself, with five-star reviews from our clients for our knowledge, professionalism, and experience. We have recovered funds for wronged investors in 99% of our cases.
Our team is here for you and will create a custom legal strategy to go after Western International Securities and its financial professionals. Time is of the essence in these cases, and the sooner you act, the faster we can move to preserve evidence.
Western International Securities has many complaints against them, and these are growing. We will ensure your case is noticed and take action to hold the firm and financial professional accountable.
How Can We Help?
You will work with a team of dedicated professionals that will only stop once we create favorable outcomes for you. Our team cares about your situation and takes this responsibility seriously when looking out for you. We will ensure you get a fair settlement reflecting your damages.
Our team knows the law, and we will look at all the evidence and identify where Western International Securities breaks FINRA’s rules. These rules are here to protect investors, and FINRA takes aggressive action against those that break them.
We are ready to take the firm and the financial professionals that wronged you to arbitration. We are also prepared to negotiate a fair settlement reflecting your damages. Your attorney will represent you at the arbitration and show how Western International Securities broke FINRA’s rules. Our approach increases the odds that we will get compensation for you. We have recovered funds for wronged investors in 99% of our cases.
The Regulatory Complaints are Increasing at Western International Securities
Western International Securities is seeing complaints rising against its brokers and advisors. The firm has 12 regulatory events, one civil action, and five arbitrations.
A recent example occurred last year when the Securities and Exchange Commission (SEC) announced it was charging Western International Securities and five of its brokers with Regulation Best-Interest (Reg. BI) violations.
Reg. BI is a new FINRA rule requiring firms to look out for the client’s best interests first. Financial professionals must ensure that all recommendations are suitable using annual income, investment objectives, and risk tolerance.
Five Western International brokers (Nancy Cole, Patrick Egan, Andy Gitipityapon, Steven Graham, and Thomas Swan) sold $13.3 million of high-risk bonds to retirees from July 2020 to April 2021. These bonds are unsuitable for retirees and led to significant losses. The SEC charges Western International Securities with failing to exercise the proper care when making these recommendations. The firm and its brokers should have recommended products more suitable for seniors, with less risk.
Western International Securities has many other actions taken against it by regulators, including:
- Failure to supervise
- Making unsuitable recommendations
- Violations of Reg. BI
- Failing to report 45 written customer complaints, arbitrations, and settlements between 2013 and 2022.
The Western International Securities investment loss attorney, will help you to figure out what is happening with your account. Western International Securities is under investigation by regulators. The Wolper Law Firm, P.A. is here to help those investors with losses at Western International Securities. We have decades of experience handling these cases and will help you.
Contact us at 954.406.1231 / 800.931.8452 to schedule your free consultation with a skilled Western International Securities fraud attorney. You are under no obligation, and everything is confidential. Time is of the essence in these cases, and the sooner you act, the faster we can help you with your situation.
Western International Securities and Reg. BI
Regulators enacted Reg. BI to protect investors against the conflicts of interest and slanted advice they receive from financial professionals and their firms. These practices have been occurring for years, and the firms and the financial professionals were the ones that benefited. They earned large commissions, perks, and other benefits from wholesalers. The products investors buy need to align with their investment objectives.
Reg. BI is the regulators’ answer to stop all the bad behavior of financial professionals and firms. It states they must put the client’s interests first and use care when making recommendations. The commission and fees are secondary, and any conflicts of interest must be disclosed in advance. Regulators want you to have complete information to make the best investment choices.
Even if you have losses in your account, you could be eligible for compensation under Reg. BI. The firm and financial professionals must show that their recommendations match your investment objectives. Western International Securities and its financial professionals are facing numerous actions from regulators for violating Reg. BI. You can take action against the firm, including filing a Western International Securities lawsuit.
A skilled attorney will review your options and what course of action would be the most effective. We will stand up and fight for you to ensure your rights are respected. Call Wolper Law Firm, P.A. today at 954.406.1231 / 800.931.8452 to discuss your case.
Can You File a Western International Securities Lawsuit?
Yes, we could file a lawsuit, but you likely waived your right to sue by signing an arbitration agreement. FINRA has an arbitration procedure for settling disputes to save time and money. You probably signed the arbitration agreement when you first opened your account.
Arbitration is effective in recovering losses for wrongdoing. Reg. BI is one tool FINRA uses to hold firms and financial professionals accountable. FINRA can award damages to you, and fine, expel, or suspend the firm and financial professionals for breaking its rules.
We recommend navigating the process with the Western International Securities investment loss lawyer. Our team will guide you and explain how everything works in simple terms. We have a 99% success rate in recovering money for wronged investors in the cases we handle. Our professionals will handle everything, including filing the paperwork, putting a case together, negotiating, and representing you at arbitration.
Contact a Western International Securities Investment Loss Attorney at Wolper Law Firm, P.A. Today
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the financial advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Time is of the essence, and you want to contact a Western International Securities investment loss attorney immediately. Contact Wolper Law Firm, P.A. today to get started.