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.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
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
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
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
