Former Financial Advisor Jeffrey Higgins Barred by FINRA

• July 9, 2024
• Western International Securities

Jeffrey Thomas Higgins (CRD#: 2871443) was a previously registered broker and investment advisor.

Broker’s Background

He entered the securities industry in 1997 and previously worked with Financial West Group (FINRA expelled the firm in 2020), and Western International Securities, Inc.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in July 2024, “Without admitting or denying the findings, Higgins consented to the sanction and to the entry of findings that he refused to produce information and documents and refused to appear for on-the-record testimony requested by FINRA during the course of a matter that originated from an examination by FINRA following a regulatory tip. The findings stated that Higgins’ member firm filed a Form U5 stating that he was discharged based on his notification to it that he had been misdirecting client investments and funds and misappropriating client investments and funds to his own use, starting at his prior broker-dealer firm, and that these activities have continued through to the date of termination.”

As a result, Higgins consented to the imposition of the following sanctions:

• A bar from associating with any FINRA member in all capacities.

For a copy of the FINRA Disciplinary Action Details, click here.

 

In addition, Jeffrey Higgins has two other FINRA Disclosures:

• June 2024—Discharged by Western International Securities, “Allegations: Firm is investigating the conduct of registered representative following his notification to the Firm that he had been misdirecting client investments and funds and misappropriating client investments and funds to his own use, starting in approximately 2007 at his prior broker-dealer firm, and that these activities have continued through to the current date.”
• June 2023—“Unsuitable Recommendations, Misrepresentations and Omission of Material Fact.” The customer dispute settled for $94,211.

 

For a copy of Jeffrey Higgins’ FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.”  This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

 

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client.  There is also an exception if the client is a financial institution regularly engaged in the business of lending.  The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.