Soreide Law Group, obtained the following information on FINRA’s website listed with the January 2021 Disciplinary Actions on the broker:
Brett Stephen Briggs (CRD #1226255, Calabasas, California).
On November 17, 2020, an Acceptance, Waiver and Consent (AWC) was issued in which Brett Stephen Briggs was barred from association with any FINRA member in any principal capacity, fined $20,000 and ordered to pay $52,432.81, plus interest, in partial restitution to clients.
According to the FINRA report, the restitution amount is composed of commission overrides and ticket credits Brett Stephen Briggs received from alleged trading in client accounts by three of four registered representatives he allegedly failed to supervise.
FINRA states that the commission overrides and ticket credits Brett Stephen Briggs received from another representative’s alleged trading are not included because that representative’s client already received compensation as part of an arbitration settlement.
Without admitting or denying FINRA’s findings, Brett Stephen Briggs consented to the sanctions and to the entry of findings that he allegedly failed to supervise four representatives, formally with his member firm, who excessively traded and recommended unsuitable trades involving options, low-priced securities and Non-Traditional Exchange Traded Products (ETPs) in client accounts.
FINRA’s findings stated that Briggs allegedly failed to investigate red flags indicative of trading misconduct and to take the appropriate action in a manner reasonably designed to ensure that the representatives acted in compliance with FINRA rules.
According to FINRA, Brett Stephen Briggs allegedly profited from the excessively traded and unsuitable transactions executed by the representatives in client accounts through his receipt of commission overrides and ticket credits. FINRA states that Briggs received commission override amounts totaling $52,432.81.
(FINRA Case #2017054755207)
According to FINRA’s BrokerCheck, Brett Stephen Briggs, has been in the securities industry for 36 years and has 10 Disclosures on his FINRA CRD report, 5 of the Disclosures are “Customer Disputes.” Briggs was listed with 10 firms and is currently listed with the following firm since 8/21/2017:
WESTERN INTERNATIONAL SECURITIES, INC.
12400 Wilshire Blvd. Ste. 550
Los Angeles, CA 90025
If you’ve experienced losses due to the alleged actions or recommendations of the WESTERN INTERNATIONAL SECURITIES, INC. of Los Angeles, broker, Brett Stephen Briggs, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.