In a recent Wall Street Journal investigation, they analyzed records of approximately 550,000 stockbrokers, and identified 16 hot spots in the United States where troubled brokers tend to concentrate.
The areas identified were clustered in these seven states: New York, New Jersey. Florida, Michigan, Arizona, Nevada, and California.
The article sites in particular, Delray Beach, Florida. Within a 10 mile radius there were approximately 3,000 brokers, and one in 17 had three or more disciplinary problems. These troubled brokers are three times the national average in disciplinary troubles.
Many of these brokers hold luncheons or dinners for prospective clients which can involve high pressured sales techniques.
The Delray Beach area, located in Palm Beach County, has one of the highest rates of brokers with disciplinary issues in the country. It is also one of the country's largest retirement havens which makes it even more attractive for unscrupulous brokers because of the high concentration of potential elderly clients.
In the noted hot spots, the rate of households 65 and older with incomes over $100,000 was 50% higher than the national average. The majority of the hot spots were even better off than the national norm, having 13 of the 16 with incomes of $200,000 or more.
The Financial Industry Regulatory Authority (FINRA), has offices in the hot spots according to the WSJ. A representative from FINRA told the WSJ that they have dedicated resources to these geographical locations.
A South Florida broker was quoted in the article regarding the dinners given by brokers for prospective clients, “It’s called prospecting, just like you do for gold.”
If you feel you have become the victim of an unscrupulous broker or financial advisor, call the Fort Lauderdale-based Soreide Law Group for a free consultation on how to potentially recover your investment losses at 888-760-6552. We represent clients nationwide before FINRA.
PHILLIP CURTIS ANDERSON (PHILLIP C ANDERSON) was fined $10,000.00, ordered to pay disgorgement of $8,280.00, and was suspended for five months by FINRA. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, the “Regulatory” disclosure dated 5/13/2025 states the following: “Without admitting or denying the findings, Anderson consented to the sanctions and to […]
Soreide Law Group filed a FINRA arbitration on behalf of our client (Claimant) against: WESTERN INTERNATIONAL SECURITIES, INC. (WIS). (Respondent) The Claimant is in his late sixties and lives in California. On or about 2019, the Claimant was invited to a presentation on retirement income by a WESTERN INTERNATIONAL SECURITIES’ former broker. The lawsuit alleges […]
Investors apparently complained about securities broker Charles Kenneth Wareham [CRD: 2193537, Hartford, Connecticut], according to publicly available information on FINRA BrokerCheck. Evidently, Charles Wareham has been registered with Independent Financial Group LLC since March 14, 2014. Readers are encouraged to continue below for details about the disclosures involving Wareham. Independent Financial Group LLC Investor Accused […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com