JEFFREY T HIGGINS Allegations of Misappropriation

JEFFREY THOMAS HIGGINS (JEFFREY T HIGGINS) was barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm with the start date of 7/1/2024.  Higgins was previously registered both as a broker and as an investment advisor. JEFFREY T HIGGINS was registered with WESTERN INTERNATIONAL SECURITIES INC of Baker City, Oregon, from 08/21/2017 - 06/27/2024.

According to a recent article in MSN, JEFFREY T HIGGINS is facing civil and criminal charges over an alleged scheme to funnel money from clients’ accounts. The Justice Department announced that it had charged JEFFREY T HIGGINS, 54, of Baker City, Oregon, with investment advisor fraud in connection with the alleged misconduct. According to the court records, Higgins has pleaded not guilty.

The MSN article goes on to say that the Justice Department alleges that from December of 2007, JEFFREY T HIGGINS falsely told clients that he would purchase shares of stocks on their behalf at a discount of as much as 91%. This investment approach is called “low-risk yet with a high-return,” according to charging documents. Prosecutors allege that Higgins in fact purchased securities at market value, sold shares without his clients’ knowledge, and transferred proceeds to his own personal account. The alleged misappropriation amounted to $1.6 million over a nearly 17-year period, according to the Justice Department.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JEFFREY T HIGGINS was in the securities industry for 27 years and was listed with 2 firms.  Higgins has 14 Disclosures on his FINRA CRD report.  An “Employment Separation after Allegations” dated 6/21/2024, states that Higgins was discharged from WESTERN INTERNATIONAL SECURITIES INC following the allegations of, “Firm is investigating the conduct of registered representative following his notification to the Firm that he had been misdirecting client investments and funds and misappropriating client investments and funds to his own use, starting in approximately 2007 at his prior broker-dealer firm, and that these activities have continued through to the current date.”

Of the 14 disclosures 11 are “Customer Disputes,” 7 of the disputes list “misappropriation” in the allegations. The significance of Higgins’ disclosures is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, JEFFREY T HIGGINS’ customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

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