On February 28, 2018, FINRA Enforcement entered into a settlement via Acceptance, Waiver and Consent (“AWC”) with Respondent Western International Securities, Inc. (“WIS”) (CRD# 39262). Specifically, without admitting or denying any wrongdoing — WIS consented to paying a fine of $521,908, in addition to restitution to certain investors in the amount of $125,000 — in […]
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. The specific investments under review include: Energy XXI Bermuda Ltd. Clearbridge American Energy MLP Goldman Sachs MLP Energy Arch Coal Seadrill […]
The firm, Bixler and Gordon were named respondents in a FINRA complaint alleging that they participated in a fraudulent scheme and defrauded investors by selling investments in saltwater disposal wells at excessive, undisclosed markups through a middleman “development” company owned and controlled by the firm Bixler, a firm principal and Gordon, the firm’s CEO. The […]
An AWC was issued in which Kimm was fined $5,000 and suspended from association with any FINRA member firm in all capacities for six months. In light of Kimm’s financial status, a lower fine was imposed. Without admitting or denying the findings, Kimm consented to the sanctions and to the entry of findings that he […]
FINRA announced that it has fined Citigroup Global Markets Inc. (CGMI) $5.5 million and required the firm to pay at least $6 million in compensation to retail customers for displaying inaccurate research ratings for numerous equity securities during a nearly five-year period, and for related supervisory violations. An equity research rating reflects a firm’s opinion […]