Jeffrey Higgins, Western International, Barred by FINRA
Former Oregon-based financial advisor Jeffrey Thomas Higgins is facing a federal lawsuit, SEC charges, and a permanent industry bar by FINRA. The allegations involve a long-running scheme that reportedly caused significant investor losses. If you have suffered investment losses with Jeffrey Higgins, the securities attorneys at The White Law Group may be able to help you through FINRA arbitration.
Federal Lawsuit and $1.6 Million Fraud Allegations
Federal prosecutors have accused Higgins of orchestrating a 17-year investment fraud scheme that allegedly resulted in approximately $1.6 million in client losses.
According to both criminal charges and a parallel civil complaint filed by the Securities and Exchange Commission (SEC), Higgins allegedly:
- Diverted client funds into a sham investment program called “Cumulus”
- Promised investors he could purchase stocks at deep discounts—up to 91% below market value
- Sent fabricated account statements and annual reports to mislead clients about investment performance
- Misappropriated investor funds for his own use
The SEC alleges that, in reality, client holdings were worth significantly less than reported, and in some cases, securities were never purchased as promised.
Higgins has pleaded not guilty to the charges and is awaiting trial.
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FINRA Bar for Failure to Cooperate
In addition to the lawsuit, the Financial Industry Regulatory Authority (FINRA) permanently barred Higgins from the securities industry in July 2024.
The bar was issued after Higgins:
- Refused to provide documents and information requested during a FINRA investigation
- Declined to appear for on-the-record testimony
- Was under investigation for potential misappropriation of client funds and selling away
Failing to cooperate with FINRA is itself a serious violation of industry rules and often results in a permanent bar.
Termination from Western International Securities
Higgins was most recently registered with Western International Securities, Inc. in Baker City, Oregon, from 2017 until June 2024.
According to regulatory filings (Form U5):
- He was terminated by the firm amid allegations of misdirecting and misappropriating client funds
- The conduct may have dated back to approximately 2007, during his time at a prior firm
Western International was later acquired as part of a broader transaction involving Atria Wealth Solutions and LPL Financial.
Employment History and Prior Firm Issues
Higgins spent a significant portion of his career with Financial West Group, where he was registered from 1997 to 2017. Financial West Group was expelled from the securities industry in 2020 by regulator.
Jeffrey Higgins Complaints and Settlements
According to publicly available records, Jeffrey Higgins has multiple customer complaints and investor disputes.
His BrokerCheck report reflects:
- 7 settled customer complaints, totaling nearly $2.3 million in payouts
- 3 pending disputes, seeking approximately $500,000 in additional damages
- Allegations including:
- Unsuitable investment recommendations
- Misrepresentations
- Omissions of material facts
These complaints are a key indicator of potential misconduct and may suggest a pattern of behavior affecting multiple investors. See Types of Investment Fraud and Common Securities Violations.
What Investors Should Know
Cases involving allegations like those against Jeffrey Higgins often include:
- Selling away (offering investments outside the firm’s supervision)
- Misappropriation of funds
- False account statements
- Unsuitable or fraudulent investment strategies
Investors who suffered losses may have legal options, including filing a claim through FINRA arbitration, which is the primary forum for resolving disputes with brokerage firms.
Contact a Securities Fraud Attorney
If you invested with Jeffrey Higgins or Western International Securities and experienced losses, you may be eligible to pursue recovery.
The securities fraud attorneys at The White Law Group represent investors nationwide in FINRA arbitration claims involving:
- Broker fraud and misrepresentation
- Unauthorized trading
- Selling away and private securities transactions
- Unsuitable investment recommendations
For a free consultation, contact The White Law Group at (888) 637-5510.
Frequently Asked Questions
What are the allegations against Jeffrey Higgins?
Jeffrey Higgins has been accused by federal prosecutors and the SEC of running a long-term investment fraud scheme that allegedly caused approximately $1.6 million in investor losses. The allegations include misappropriating client funds, operating a sham investment program called “Cumulus,” and providing investors with false account statements showing inflated returns.
How many complaints have been filed against Jeffrey Higgins?
According to his FINRA BrokerCheck record, Jeffrey Higgins has multiple customer complaints. Reports indicate that at least seven complaints have been settled for a combined total of nearly $2.3 million, with additional pending claims seeking further damages. These complaints involve allegations such as unsuitable investment recommendations, misrepresentations, and omissions of material facts.
Can investors recover losses from Jeffrey Higgins?
Yes, investors who suffered losses may be able to recover damages by filing a claim through FINRA arbitration. Brokerage firms have a duty to supervise their financial advisors, and investors may have claims against the firm for failing to prevent misconduct. A securities fraud attorney can evaluate potential claims and help investors pursue financial recovery.
