Stockbroker Accused Of Improperly Borrowing From Older Customer
If you suffered investment losses while First Western Securities broker, Kerry Dean Wills was your financial representative, contact Shepherd Smith Edwards and Kantas (SSEK Law Firm).
Kerry Dean Wills, who is also a registered investment advisor, was recently suspended for six months by the Financial Industry Regulatory Authority (FINRA) and ordered to pay a $10K fine over allegations of elder investment fraud.
According to the self-regulatory organization (SRO), Wills is accused of borrowing $150K from an elderly client, 90, and that this violated his firm’s procedures and FINRA’s rules. The loan purportedly went toward covering litigation expenses. The First Western Securities broker did not tell the broker-dealer about the loan, which was memorialized using a promissory note and came with a 2% yearly interest rate and a 10-year term.
Wills did make one payment on the loan, but the elderly customer did not cash the check and died several months later. This same customer had gifted him with luxury travel, including cruises and airfare collectively valued at about $19,500. Wills failed to disclose these fits in the firm’s log for gratuities and gifts.
Kerry Dean Wills continues to be a First Western Securities broker where he has been registered since 2009. With 34 years in the industry, he also has been a broker with Morgan Stanley, Smith Barney, Citigroup and Dean Witter Reynolds.
Broker Fraud And Negligence
Every broker-dealer has procedures and rules in place to prevent mismanagement, negligence, or fraud involving customers’ funds. Stockbrokers who violate those rules can be held liable for broker fraud or negligence if it results in unnecessary losses to a customer.
Meantime, brokerage firms can also be accountable for these actions, especially if they failed to detect and stop the misconduct or negligent actions and/or lacked the proper procedures to prevent these types of misbehaviours.
Investment Fraud Lawyers
Our older investor fraud attorneys work with senior investors and their families in fighting to recoup their losses. SSEK Law Firm represents clients throughout the United States. Broker misconduct cases are not the type of civil claims that you want to handle without experienced legal help. Over the years, we have helped our clients recover millions of dollars.
Contact SSEK Law Firm today for a free, no-obligation case consultation if you feel that you have been a victim of investment fraud or broker misconduct.