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In the world of finance, stockbroker supervision is a critical aspect. It ensures the protection of investors and the integrity of the market. However, failures in this area can lead to significant consequences. One such case is the failure to supervise stockbrokers at Wedbush Securities Inc. This article delves into the specifics of this case. […]
FINRA fines Wedbush Securities for misrepresentations regarding payments on certain bonds and for failing to deliver required disclosures to thousands of the firm’s customers. The Los Angeles-based wealth management, brokerage and clearing firm, which has 540 registered individuals in 40 branches nationwide, agreed to pay the fines and be subject to censure without admitting or […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection and Net Capital Rules, and for related supervisory and books and records failures. The SEC Customer Protection Rule creates requirements to protect customers’ funds and securities. To ensure […]
Bakhtiari & Harrison continues its thorough investigation into the sales practices of Mark Heiden, a broker with Wedbush, particularly scrutinizing his management of client accounts and the significant overconcentration of investments in energy-related stocks, including those recommended by Wedbush. The specific investments under review include: Energy XXI Bermuda Ltd. Clearbridge American Energy MLP Goldman Sachs […]
An AWC was issued in which the firm was censured and fined $110,000. FINRA Issues AWC Concerning Wedbush Securities Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it engaged in trading unit aggregation but failed to ensure that individual traders were assigned to only […]