Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Thomas Brian Swan [CRD#: 1698430, Westlake Village, California]. Swan has been registered with Western International Securities, Inc. since May 27, 2008, and has over 36 years of experience in the securities industry.
Recent disclosures reveal concerns about Swan’s conduct, including allegations of unsuitable recommendations, negligence, and misrepresentation, as well as a regulatory action involving violations of Regulation Best Interest.
On October 28, 2024, a FINRA arbitration claim (Case No. 24-01926) was filed against Western International Securities. The client alleged that Swan made unsuitable and misleading recommendations involving corporate debt securities, seeking $60,000 in damages. This matter is currently pending resolution.
On September 12, 2024, a client alleged that Swan executed an unauthorized transaction involving listed equity securities. The client sought $12,000 in damages, but the firm denied the claim on September 19, 2024, and no compensation was awarded.
On December 28, 2023, a client filed a FINRA arbitration claim (Case No. 23-03501) against Western International Securities, alleging that Swan misrepresented an investment in corporate debt securities. The client requested $50,000 in damages. On May 31, 2024, the firm settled the matter by paying $16,000 to the client.
On August 28, 2023, a client alleged that Swan misrepresented the features of a corporate debt security sold in 2020. The client sought $50,000 in damages. On August 21, 2024, Western International Securities resolved the matter by paying $15,000 to the client.
On June 28, 2023, a client filed a FINRA arbitration claim (Case No. 23-01805) alleging negligence and negligent misrepresentation regarding corporate debt securities. The client sought $5,000 in damages, and the firm settled the claim for $16,600 on April 25, 2024.
On April 10, 2023, a client alleged negligence and negligent misrepresentation by Swan involving corporate debt securities. The client sought $5,000 in damages. On December 2, 2023, Western International Securities settled the matter for $14,000.
On August 8, 2022, a client alleged that Swan recommended unsuitable corporate debt securities, seeking $158,000 in damages. On May 12, 2023, Western International Securities resolved the claim for $32,693.09.
On June 15, 2022, the Securities and Exchange Commission (SEC) filed a complaint (Case No. 2:22-cv-04119) in the United States District Court for the Central District of California, alleging that Swan violated Regulation Best Interest by recommending high-risk “L Bonds” to clients without adequate diligence or reasonable basis.
On August 28, 2024, the court issued a final judgment, imposing sanctions including $12,555 in disgorgement and $12,500 in civil penalties. The judgment also included an injunction prohibiting further violations of Regulation Best Interest.
Looking for more information about Thomas Swan? If so, reach out to Soreide Law Group online here or at (888) 760-6552 to speak with a securities attorney. The team at Soreide Law Group works on a contingency basis, advances costs as needed, and assists investors across the country with recovering losses from sales practice misconduct. Swan and the firms he worked for deny accusations of sales practice violations.
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