Shepherd Smith Edwards and Kantas Broker Misappropriation Attorneys Continue to Investigate Barred Financial Advisor Jeffrey Thomas Higgins and Others

If you are an investor who suffered losses because you suspect your broker may have stolen money from you, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) so that we can help you determine whether you have grounds for suing your financial advisor for damages.  Our broker misappropriation law firm remains hard at work investigating allegations against financial advisors, and we represent investors in FINRA arbitration, mediation, and litigation.

One of the brokers we are continuing to look into is barred Oregon financial advisor Jeffrey Thomas Higgins. He is now facing criminal charges accusing him of stealing more than $1.64M from clients over an almost 17-year period. Jeffrey Higgins has admitted to misappropriating clients’ money.

He was most recently a Western International Securities registered representative. Federal prosecutors are aware of:

• Falsely claiming he bought stocks for investors at steep discounts when he actually purchased the stocks at market value.
• Selling the stocks without letting investors know and stealing the proceeds for himself.
• Generating fake yearly statements that inflated profits and hid his scam.

Also in April 2026, the United States Securities and Exchange Commission (SEC) filed a civil complaint accusing Higgins, who was also a Western International Securities investment adviser, of misappropriating more than $800K from12 clients from 2017 through 2024.  The regulator contends that he ran a sham investment program called Cumulus. The SEC case makes similar allegations to the criminal case against him.

Jeffrey Higgins’ BrokerCheck CRD notes 11 customer disputes, which were already settled, money for six-figures, or are still pending. Western International Securities fired him in 2024.

What Is Broker Misappropriation?

This is a kind of financial fraud involving a financial advisor who has stolen, converted, or taken client funds. Examples of stockbroker misappropriation:

• Stealing money from a customer’s brokerage account.
• Making unauthorised transfers.
• Borrowing money from a client.
• Using investor money to make unauthorised trades or for personal gain.
• Taking investors’ funds to support the broker’s lavish lifestyle.

What Is FINRA Rule 2150?

This rule prohibits the improper use of customers’ money or securities. While the Financial Industry Regulatory Authority can file a case against a financial advisor for violating this rule, this is no guarantee that victims will recoup their losses through this avenue.

What you can do, however, is determine whether you have grounds for filing a broker misappropriation lawsuit against the financial advisor or their broker-dealer. Brokerage firms have a duty to properly oversee investors’ accounts and the conduct of their financial advisors. If broker theft happens under the firm’s watch, the customer may be able to sue the broker-dealer in FINRA arbitration—even if the latter was unaware or uninvolved in this misconduct.

Where Can I Sue My Broker For Stealing My Money?

FINRA arbitration is the legal venue where disputes between financial advisors/broker-dealers and customers are filed. But first:

• Find out whether you have grounds for a broker misappropriation case.
• Do this by contacting Shepherd Smith Edwards and Kantas so we can evaluate the cause of your losses.
• Hire seasoned FINRA lawyers to represent you in arbitration.

Want to Know Whether You Should Sue Your Broker Or Brokerage Firm For the Theft of Your Money or Securities?

Call (800) 259-9010 or contact us online to ask for your free case assessment.