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.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions
Six apartment deals, one "big account," and $2.7M in undocumented insider loans. Now the lawsuit lands
The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”
But the Amazon executive chair seems to want it both ways, arguing that taxing the ultra-wealthy won't help struggling Americans.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
