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.
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