Western International Securities
Established in Colorado in 1995 and now headquartered in Pasadena, CA, Western International Securities is a registered broker-dealer and investment adviser firm. According to US News & World Report, in 2022, the firm employs 292 financial advisors throughout the US and has $4B in assets under management. Western International Securities has clearing relationships with Pershing, LLC and National Financial Services, Inc., which grants its registered representatives “access to a full array of products and services.”
Our brokerage firm arbitration lawyers represent investors with securities claims against Western International Securities over losses due to alleged broker misconduct or negligence. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com ) today.Recent Regulatory Events Involving Western International Securities:
June 2022: The US Securities and Exchange Commission (SEC) filed civil charges against the brokerage firm and five registered representatives for allegedly violating best interest obligations when they recommended and sold $13.3M in GWG Holdings L Bonds to customers. The regulator contends that when Western and its brokers recommended and sold these speculative, illiquid junk bonds to customers, including to those that were on fixed incomes or with moderate risk tolerance levels, they allegedly failed to ensure these investments were suitable for and in the best interests of each of these clients.
In April 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection. The alternative asset firm owes investors many millions of dollars. SSEK Law Firm represents many L Bond investors with Financial Industry Regulatory Authority (FINRA) arbitration claims against Western International Securities and other broker-dealers over their losses.
May 2020: FINRA censured and fined Western International Securities $325K for allegedly failing to timely update certain forms and disclose that from 2011 to 2018, 52 of its brokers had collectively experienced 163 financial events, including bankruptcies, judgments, and liens.
December 2019: FINRA fined Western International Securities $75K for allegedly placing charitable organizations and retirement customers that had qualified to buy Class A shares in certain mutual funds without paying front-end sales fees at a disadvantage. Instead, these clients were purportedly sold either Class A shares with front-end sales charges or Class B or C shares that charged fees at the back-end along with more significant ongoing fees and costs. Because of this, claims the self-regulatory organization (SRO), mutual fund customers were overcharged by about $305K.SSEK Law Firm Investigates Western International Securities Registered Representatives
Over the years, our broker misconduct lawyers have investigated several Western International Securities brokers because of investor losses. Here are just a few examples:Ex-Western International Securities Broker Dawn Bennett
With 47 disclosures on her CRD, this barred financial advisor has been involved in dozens of customer disputes, most of which have resulted in settlements. Bennett, also of Bennett Group Financial, allegedly ran a $20M Ponzi Scam. She was sentenced to 20 years in prison in 2019.Western International Securities VP and Broker Shomir Mukherjee
In 2022, SSEK Law Firm filed a six-figure FINRA arbitration claim against the firm on behalf of a Texas retiree who suffered losses in GWG L Bonds and non-traded real estate investment trusts (non-traded REITs). Mukherjee, based in Los Angeles, was the claimant’s financial advisor.Former Western International Securities Registered Representative Megurditch Patatian
FINRA filed a civil complaint against Patatian, accusing him of unsuitably recommending non-traded REITS to dozens of customers. He also allegedly exaggerated clients’ investing experience on multiple occasions. This purportedly allowed him to get around the limits of REIT issuers and the state of California, where investors’ total REIT purchase is restricted to 10% of their net worth.Western International Securities Broker Peter Steege in Denver, CO
With 21 disclosures noted in his CRD, Steege is accused of concentration, unsuitability, and misrepresentations that allegedly caused investors losses.
In April 2021, SSEK Law Firm filed a $500K FINRA arbitration claim against Western International Securities on behalf of a Portland investor. The claimant alleges that one of the firm’s ex-brokers overconcentrated most of her retirement funds in illiquid private placements.Skilled Broker Misconduct Attorneys Fighting for Investors Against Western International Securities
For over 30 years and throughout the US, SSEK Law Firm has zealously represented investors in FINRA arbitration, mediation, and litigation. We have recovered millions of dollars for our clients against broker-dealers and financial advisors.