ERRY DEAN WILLS (KERRY WILLS) CRD#: 1353739 a registered representative with First Western Securities in Manhattan Beach, California, was fined by the Financial Industry Regulatory Authority Inc. (FINRA) $10,000 and suspended for six months from February 18, 2020 to August 17, 2020, allegedly for borrowing $150,000 from a 90-year-old client.
According to FINRA, without admitting or denying the findings, KERRY WILLS consented to the sanctions and to the entry of findings that he allegedly borrowed $150,000 from a 90 year-old client in violation of his member firm’s procedures.
FINRA’s findings stated that at the time of the loan, the client maintained accounts at the firm, and Wills was the broker of record assigned to the client’s account. The loan had a promissory note that provided for a ten year term and a two percent interest rate.
Allegedly, KERRY WILLS never disclosed the loan to his firm or otherwise sought an exemption from the firm’s procedures prohibiting the acceptance of a loan from a firm client. According to the FINRA report, Wills made one annual payment on the loan but the client never cashed the check. The client passed away six months later, leaving a trust document that provided for loan forgiveness.
FINRA’s findings also stated that KERRY WILLS allegedly accepted a gift of approximately $19,500 in luxury travel (three cruises and airline tickets) from the client. Wills did not disclose the travel gifts on his firm’s gifts and gratuities logs, despite the requirement that he do so, in violation of his firm’s procedures.
According to FINRA’s BrokerCheck, KERRY WILLS has been in the securities industry for 34 years and has been listed with 4 firms. He is currently registered with the following firm since November 24, 2009:
FIRST WESTERN SECURITIES, INC.
1601 SEPULVEDA SUITE 602
MANHATTAN BEACH, CA 90266
If you or an elderly family member experienced financial losses due to the actions or recommendations of KERRY WILLS, currently a registered representative with FIRST WESTERN SECURITIES, INC. of Manhattan Beach, California, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to you regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.