The Financial Industry Regulatory Authority (“FINRA”) announced February 20, 2018 that it barred PFS Investments Inc. securities broker Sara Wilhite (CRD#: 6624861, Vista, CA). Evidently, the sanction comes after FINRA suspended Wilhite for failing to provide FINRA with information in an inquiry or investigation. Here's more on the allegations against Wilhite:
FINRA indicated that Sara Wilhite’s lack of cooperation stems from requests FINRA made of her in 2017. Apparently, PFS Investments Inc. disaffiliated with Wilhite in August 11, 2017. PFS indicated that Wilhite engaged in undisclosed and unauthorized outside business activities, which if true, suggest violations of FINRA Rules.
Namely, FINRA Rule 3270 holds that securities representatives are not allowed to engage in active outside work arrangements unless their securities broker dealer knows. So, securities representatives cannot be employees, or be paid for services, when those activities are outside the securities representative’s scope of employment with their securities firms – unless the securities representative discloses those activities.
It appears that FINRA asked Sara Wilhite questions about her outside business activities or some other pressing matter. However, Wilhite did not respond. Because of this, FINRA suspended her on December 11, 2017. FINRA apparently permitted Wilhite to request termination of her suspension. However, this likely necessitated Wilhite producing information that FINRA asked for. Evidently, FINRA barred Wilhite February 20, 2018 for failing to respond. As a result, Wilhite cannot, under any circumstances, act as a broker or associate with a broker-dealer.
Have you experienced losses by investing with securities broker Sara Wilhite? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 suffered losses due to misconduct of brokers and brokerage firms.
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