Jaime Westenbarger's Actions Disputed By Investors

Securities America Client Brings Lawsuit Over Jaime Westenbarger's Purported Negligence

Investor Alert! Clients of securities broker Jaime Michael Westenbarger (CRD#: 4625703, Grand Rapids, Michigan) have sued because of Westenbarger’s sales practices. Notably, Financial Industry Regulatory Authority (FINRA) shows that a whopping 8 investors brought disputes about the securities broker, who worked for firms including First Allied Securities (2014 to 2016) and Securities America (2016 to 2019). In addition, two regulatory bodies have sanctioned Westenbarger. Here’s what these disclosures show about him.

Securities America, First Allied Client Indicates Jaime Westenbarger Deceptively Misused, Converted Funds

Namely, a client of Securities America brought a FINRA Arbitration Claim to the firm’s attention in August 2020. First of all, the client alleged that Jaime Westenbarger converted or misappropriated the client’s funds in connection with annuity and REIT purchases. Secondly, Westenbarger allegedly acted deceptively with the client’s assets. Thirdly, the client indicated that Westenbarger failed to comply with his fiduciary responsibility. The securities broker was arguably negligent. Finally, the client indicated that Westenbarger violated Michigan Securities Act and FINRA rules. For this reason, the client asked for $100,000 in compensation from Westenbarger or Securities America in this ongoing matter.
Notably, in July 2020, that client also filed a lawsuit with First Allied Securities. It appears that Jaime Westenbarger made bad investment recommendations. This supposedly caused the client to have a large position in a high-risk investment. In addition, the client signaled that Westenbarger failed to place the client’s interests first. Because of this, the client asked for $500,000 from Westenbarger or First Allied Securities.

American Portfolios Reports Allegations Of Westenbarger’s Embezzlement

In addition, in July 2020 American Portfolios Financial Services reported that a client complained about Jaime Westenbarger. Allegedly, Westenbarger deceived the customer and had embezzled money. The BrokerCheck Report shows that the client invested in a fixed annuity and a real estate security. Supposedly, Westenbarger violated Michigan Uniform Securities Act and FINRA rules.

Michigan Tells Jaime Westenbarger To Cease and Desist Misleading Investors

Notably, Michigan issued an Order to Cease and Desist. In the regulator’s view, Westenbarger misstated substantial information as part of his offer and sale of securities. Supposedly, Westenbarger told clients that he would invest their money in corporate notes or certificates of deposit. The securities broker had other plans including paying his personal expenses instead. Westenbarger also paid a fine to resolve this March 2020 matter.

FINRA Takes Away Westenbarger’s Securities Broker Privilege

FINRA – who just about every major financial institution is a member of – decided to prohibit Jaime Westenbarger from being a securities broker effective October 2019 for violating FINRA rules. Of critical significance is Westenbarger’s consent to this bar rather than his compliance with all aspects of FINRA’s request. Supposedly, Securities America relayed that it terminated Westenbarger for borrowing from clients.

Losses From Garden State Securities Broker Jaime Westenbarger?

Have you experienced losses by investing with Jaime Westenbarger? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Westenbarger.