California Stockbroker Accused Of Unsuitability & Misrepresentations
David Omori Bibo, a Western International Securities, Inc. registered representative is named in two pending customer disputes collectively seeking $1.8M in damages. The San Jose broker has been part of the industry for 25 years. He has seven disclosures on his BrokerCheck record.
Our California securities fraud lawyers are looking into investor claims involving Western International Securities broker, David Bibo, or any other registered representative from the firm. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today so that we can help you determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration case to recover your losses.
Broker Facing Accusations of Unsuitable Investment Recommendations
Of the seven disclosures on Bibo’s record, at least three are customer disputes, including:
- 12/2019: Alleging unsuitable recommendations the claimant is seeking $1.5M.
- 9/2020: This claimant is alleging unsuitability and misrepresentations. They are seeking $300K in damages.
The third dispute from May 2019 that sought $50K in damages was dismissed. Other disclosures on Bibo’s record include one from 1995 when Merrill Lynch allowed him to resign for not disclosing a past misdemeanour. Bibo said that this omission was unintentional.
David Bibo has been a Western International Securities broker since 1997. Other firms where he previously worked include MyClearing.com and Interfirst Capital, Corp.
Western International Securities Fined by FINRA For Disclosure
In 2020, FINRA fined Western International Securities $325K for not disclosing in a timely manner that 52 of its registered representatives had experienced 163 financial events including liens, bankruptcies, and/or judgements totalling over $5.6M. The self-regulatory organization also censured the broker-dealer for supervisory failures and deficiencies connected to these disclosure breakdowns.
It was just in 2018 that FINRA sanctioned Western International Securities, ordering it to pay a $125K fine and more than $521K plus interest as restitution to customers over supervision deficiencies that impacted the leveraged, inverse and inverse-leveraged exchange-traded funds (ETFs) recommendations made to them by its registered representatives.
Examples of other Western International Securities brokers to be named in customer disputes in recent years:
- Ex- broker Kenneth Ray McDonald was named in a private placement fraud case in 2018 that was settled for $300K. Three earlier customer disputes alleging negligence, misrepresentation, or other claims also ended in settlements for $400K, $132,500, and $60K, respectively.
- Former Western International Securities broker Dennis Albert Mehringer, Jr. is named in a still-pending unsuitability claim in which the customer is seeking $3M. 12 of the 15 disclosures on his BrokerCheck record are customer disputes, including two other unsuitability claims that ended in $1M and $225K settlements, respectively.
FINRA barred Mehringer in 2019 after he failed to provide testimony into the SRO’s investigation into his alleged misconduct. Other broker fraud allegations against Mehringer have included unauthorized trading, excessive commissions, overconcentration, and omissions.
Experienced California Investment Fraud Law Firm
If you have sustained investment losses involving a Western International Securities broker, David Bibo, or any other registered representative from the firm, contact our California investment fraud attorneys at (619) 550-4847.