Securities Broker Corey White Involved In Western International Securities Client Dispute About Supervision
The Financial Industry Regulatory Authority (FINRA) contains important information regarding securities broker Corey Andrew White (CRD#: 4537015, Pasadena, California). Evidently, White was a financial advisor and securities broker with Financial West Group from 2002 to 2017. He joined Western International Securities in 2017 as a financial advisor and securities broker. Notably, BrokerCheck shows a client dispute alleging failure to supervise by White. Moreover, he received an indefinite bar as principal, according to a FINRA disciplinary action in March 2021. Here’s more about these disclosures.
Western International Securities Broker Alleges Failure To Supervise, According To Dispute About Corey White
Particularly, a client of Western International Securities contested Corey White’s actions per a FINRA Arbitration Claim from February 2022. Namely, the client alleges failure to supervise options trading in the client’s account. It appears that the Western International Securities broker caused the client to experience damages because of the options transactions. To settle this matter, without admitting liability, Western International Securities opted to pay $2,760,000 to the client. Accordingly, this matter was settled in April 2022.
FINRA Bars White As Securities Principal, Issues Him $20,000 Fine
Notably, FINRA issued Corey White a $20,000 fine and barred him from being a principal to resolve allegations that White violated NASD and FINRA rules concerning supervision at Financial West Group. Specifically, FINRA found that from 2013 to 2017, White was the main person responsible at FWG for supervision systems and written supervisory procedures. Not only that but White was supposed to review securities broker’s trades daily through his use of exception reports and trade blotters.
Allegedly, Corey White did not reasonably supervise at Financial West Group. Supposedly, White did not review securities brokers’ recommendations of leveraged exchange-traded funds (leveraged ETFs) and inverse-leveraged exchange-traded funds (inverse-leveraged ETFs).
Investor Experiences Options Losses
Also, White purportedly failed to reasonably supervise securities brokers who caused clients to experience losses from excessive trading. Moreover, FINRA says that White was responsible for supervising options trading. But White purportedly did not review or approve a securities broker’s options trading. Supposedly, the broker’s trading was unsuitable given the client’s objectives and risk tolerance. FINRA says that the broker caused the client to experience options losses.
White’s indefinite bar as principal is effective as of March 2021. White denies the allegations made by FINRA but accepted the disciplinary sanctions to resolve the matter.
Did You Sustain Damages Through Corey White?
Did Corey White cause you to experience losses? You could touch base with Soreide Law Group at (888) 760-6552 and speak with a securities attorney about possibly recovering your losses. Soreide Law Group takes clients’ cases on a contingency fee arrangement and advances all costs. The firm has recovered compensation for many US investors that incurred losses because of their financial advisors or securities brokers. Please note that White denies the allegations of improper sales practices.