- July 16, 2018
- Broker Discipline
- Excessive Trading/Churning
- Western International Securities
The Wolper Law Firm is currently investigating claims against Paul Soll, a former Financial Advisor at Western International Securities and Financial West Group in Los Angeles, California. Paul Soll first entered the securities industry in the 1970s and previously worked for SRM Securities and Oppenheimer.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 12, 2018, FINRA sanctioned Paul Soll for failing or refusing to produce documents requested by FINRA in connection with an investigation. FINRA was investigating Paul Soll for “possible excessive trading, churning, and unsuitable recommendations of penny stocks for an elderly customer’s trust account.” Instead of producing the requested documents, Paul Soll agreed to sanctions.
Penny stocks are speculative securities that are only suitable for investments that are willing to accept a complete loss of investment in exchange for potentially above-average returns. Penny stocks often do not trade on the New York Stock Exchange and have limited liquidity. These characteristics make penny stocks unsuitable for most investors.
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.
If you or someone you know was a customer of Paul Soll and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers 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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.