SEC Charges World Tree Financial, LLC And Wesley Perkins With Securities Fraud
The Wolper Law Firm is currently investigating claims against World Tree Financial, LLC and Wesley Perkins. World Tree Financial is a Louisiana based brokerage firm founded by Wesley Perkins. According to publicly available records released by the Securities and Exchange Commission (SEC), on World Tree Financial And Wesley Perkins have been charged with securities fraud for, among other things, “operating a cherry-picking scheme that defrauded World Tree clients.”
The SEC complaint alleges that “for more than four years, Perkins reaped substantial profits at his clients’ expense by cherry picking trades. Perkins allegedly traded securities in World Tree’s omnibus account and delayed allocating the securities to specific client accounts until he had observed the securities’ performance of the course of the day. He then allocated favorable trades to favored accounts.”
For a copy of the SEC Complaint, click https://www.sec.gov/litigation/complaints/2018/comp24278.pdf
Wesley Perkins was formerly associated with Purshe, Kaplan Sterling Investments until 2016, where he was the subject of four customer complaints, alleging “unauthorized trading,” unsuitability and misrepresentations. All the matters were settled by the brokerage firm.
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 Wesley Perkins and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com 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 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.
Recent Posts
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct