The Financial Industry Regulatory Authority Inc. has censured Western International Securities for its lax compliance procedures and fined the firm $325,000. In addition, the firm has agreed to hire an independent consultant to review its compliance efforts and recommend changes.
Finra said that from October 2011 through June 2018, the Pasadena, Calif.-based firm failed to amend regulatory filings for 52 registered representatives in a timely manner, neglecting to disclose 163 liens, judgments and/or bankruptcies that totaled more than $5 6 million.
Dawn Bennett, who was sentenced to 20 years in prison for defrauding 46 investors as part of a $20 million Ponzi scheme, was an independent contractor affiliated with Western International at the time she conducted her fraud.
RIA industry veterans Jay Hummel and John Phoenix have launched a firm which offers 60% equity to advisors with plans to grow to over $5 billion in AUM, before selling to an institutional investor within five years.
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