ustomers Contend Jaime Michael Westenbarger Sold Unsuitable Products
Jaime Michael Westenbarger (CRD#: 4625703, Grand Rapids, Michigan) is a Securities America, Inc. registered representative who has disclosed on his Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report that customers have complained about his sales practices. The following customers have lodged customer-initiated investment-related disputes concerning, among other things, Westenbarger’s failure to place the customers in suitable investments:
Customers Dispute Jaime Michael Westenbarger’s Sales Practices
August 1, 2018 Complaint
On August 1, 2018, Westenbarger reported that a Securities America, Inc. customer filed a complaint with the firm in regards to a variable annuity. The customer alleged to have been sold an annuity issued by Allianz that was not unsuitable because it was illiquid. As a result, the customer alleged $29,000 in damages. However, Securities America eventually denied the customer’s allegations on August 20, 2018.
April 3, 2017 Complaint
Westenbarger also reported that a First Allied Securities, Inc. customer brought a complaint on April 3, 2017. She accused Westenbarger of selling unsuitable real estate investment trust products in July 2015. The real estate securities apparently caused the customer to sustain losses. Because of this, the customer requested $165,000.00 in damages. The complaint is pending a resolution.
January 4, 2010 Complaint
Customers of OneAmerica Securities, Inc. joined together to file a lawsuit on January 4, 2010 in the Washtenaw County, Michigan Circuit Court. According to the customers, Westenbarger sold the customers two variable annuities that were inappropriate in light of the customer’s investment objectives. In addition, the customers contended that Westenbarger misrepresented the terms and conditions of the annuities. Customers and OneAmerica Securities, Inc. agreed for the customers to be paid $12,500.00 to settle the lawsuit.
OneAmerica Discharges Jaime Michael Westenbarger
OneAmerica Securities, Inc. discharged Westenbarger on October 12, 2006. The firm alleged that it terminated Westenbarger because he formed a company without first obtaining approval from the firm’s compliance department and management. He was registered with First Allied Securities from March 14, 2014 to May 4, 2016.
Investors who have incurred losses from Jaime Michael Westenbarger are encouraged to call Soreide Law Group at (888) 760-6552 and consult with counsel regarding the possible recovery of investment losses. We represent clients nationwide against brokers and brokerage firms. You are only assessed a fee if we succeed in recovering for you.