Western International Securities

Our Broker-dealer Arbitration Law Firm is Investigating Western International Securities

Published on: November 16, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Are You An Investor Who Suffered Losses While Working With a Western International Securities Financial Advisor?

Our FINRA Lawyers Are Investigating Ex-Western International Securities Broker Daniel Beech

Over the past year, Shepherd Smith Edwards and Kantas, a Broker-dealer Arbitration Law Firm, (investorlawyers.com) have filed FINRA lawsuits on behalf of investors seeking to recover financial losses allegedly caused by the allegedly negligent actions of Western International Securities and a number of its financial advisors. We are also continuing to investigate the brokerage firm and its registered representatives for allegedly unsuitably recommending GWG Holdings L Bonds and other high-risk investments to retail customers and retirees.

Following SEC Charges Related To GWG L Bonds, CFP Board Suspends Western International Securities Broker Patrick Egan

Published on: August 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

California investment advisor accused of best interest violations

The Certified Financial Board has suspended Western International Securities financial advisor Patrick Michael Egan from using his CFP designation. The decision comes after the US Securities and the Exchange Commission (SEC) charged him, the broker-dealer, and four other Western International brokers with alleged Regulation Best Interest (Reg BI) violations related to their sale of GWG Holdings L Bonds.

The SEC contends they sold investors these risky, illiquid junk bonds despite the fact these investments were not in the latter’s best interests, given their investing profiles, financial goals, and risk tolerance levels. The CFP Board is the non-profit organization that administers the Certified Financial Planner Certification program.

SEC Accuses Western International Securities & Five Brokers Of Reg BI Violations Involving $13.3M in L Bond Sales

Published on: July 2, 2022 | by Shepherd Smith Edwards & Kantas, LLP

SEC Alleges Western International Securities and Its California Financial Advisors Committed Due Diligence Failures

The US Securities and Exchange Commission (SEC) has filed civil charges against Western International Securities and several of its registered representatives. The firm and its advisors allegedly violated Regulation Best Interest standards when they sold about $13.3M of GWG L Bonds to investors between July 2020 and April 2021.

The regulator contends that the broker-dealer neglected to conduct adequate due diligence when recommending and selling these unrated and speculative junk bonds. In February 2022, GWG Holdings, Inc. defaulted on $13.6M of payments and interest it owes L Bond investors. The Dallas-based alternative asset firm filed for bankruptcy protection in April 2022.