FINRA issued sanctions to securities broker Christopher Mack Watkins (also known as Christopher Watkins) [CRD: 2376887, Farmington, Utah], and an investor complained about him, according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Christopher Watkins worked for Watkins Financial Services Inc. from September 22, 2000, to December 31, 2023. Keep reading to learn more about the securities broker’s disclosures.
Particularly, on March 28, 2024, FINRA issued Case: 2021069366201 sanctioning Christopher Watkins for infractions. Specifically, Watkins was ordered to pay a $15,000 fine and was suspended for two months starting from April 1, 2024, to May 31, 2024. Evidently, FINRA alleged that Watkins charged clients more than a fair commission on equity transactions.
Namely, FINRA claimed that Watkins charged a percentage of each transaction's principal value approaching five percent, leading to round number dollar amounts. These commissions supposedly exceeded what he charged other clients for similar transactions.
Additionally, Watkins supposedly charged an average commission in excess of five percent. FINRA indicated that those commissions were not justified by market conditions, costs for execution, special brokerage services, or other reasons. Supposedly, Watkins determined commissions on purchases in proceeds transactions without considering the commissions on the corresponding sales.
Also, a client filed a complaint about Christopher Watkins. Supposedly, Watkins recommended the client's May 2006 investment in a promissory note investment in Latitude Restaurant Group that failed because of the securities violations of the founder and CEO. The executor alleges the Latitude Restaurant Group investment was unsuitable for the investor's age, and that Watkins did not engage in appropriate due diligence. Because of this, the client allegedly sustained damages on stocks, over-the-counter equities, promissory notes, and penny stocks. As a result, on October 21, 2014, Watkins Financial Services Inc. settled this matter by paying the client $107,223 in damages.
Did you experience losses because of any sales practice violation by financial advisor / securities broker Christopher Watkins? If so, get in touch with Soreide Law Group online or at (888) 760-6552 so you can talk to a securities lawyer about your legal options. Soreide Law Group has recovered losses for many clients in the US, represents investors through contingency fees, and advances all costs. Watkins and brokerage firms Watkins worked for deny any allegations of sales practice violations.
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