The Financial Industry Regulatory Authority Inc. has imposed a $10,000 fine on Kerry Wills, a registered representative with First Western Securities in Manhattan Beach, Calif., for borrowing $150,000 from a 90-year-old client.
Mr. Wills violated his firm’s rules by accepting the loan, which he didn’t disclose. He also accepted gifts of three cruises and airline tickets — worth $19,500 — from the same client, whom he accompanied on the trips. He did not disclose receiving the gifts. For his infractions, Finra also suspended Mr. Wills for six months.
In its letter of acceptance, waiver and consent, Finra explained that Mr. Wills had been helping his client of over 30 years with a variety of health care and other issues as she aged, including the probate of her husband’s estate. The money borrowed from the customer was used to help pay legal bills, Finra said.
Mr. Wills has been a broker for 35 years, having started his career in 1985 at Dean Witter Reynolds. He joined a predecessor of Citigroup in 1992 and moved to First Western in 2009.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
