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FINRA Sanctions Wedbush Securities for Regulatory Failures 

FINRA Sanctions Wedbush Securities for Regulatory Failures, featured by top securities fraud attorneys, the White Law Group

Wedbush Securities to pay $850,000 after Allegations of Misrepresentations, Supervisory Failures  

According to a Letter of Acceptance Waiver and Consent, the Financial Industry Regulatory Authority (FINRA) has reportedly censured and fined Wedbush Securities $850,000 for regulatory failures. 

From January 2013 through December 2018, Wedbush allegedly negligently misrepresented on monthly account statements that it sent to approximately 610 customers that certain corporate and municipal bonds were making interest or principal payments when, in fact, the bonds were in default.  

Wedbush also purportedly made inaccurate customer account statements and during the same period, allegedly failed to establish and maintain a supervisory system reasonably designed to review the accuracy of information included on customer account statements.  

In addition, from January 2010 through August 2020, Wedbush reportedly failed to deliver to a total of approximately 14,900 customers three types of annual notices and disclosures required by FINRA and SEC rules. During the same period, Wedbush failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with its obligation to deliver annual notices to customers.  

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Tags: , , , , Last modified: December 9, 2022