Soreide Law Group obtained the following information on FINRA’s Disciplinary Actions for January, 2016:
Wedbush Securities Inc. (CRD #877, Los Angeles, California)
was censured, fined $130,000, and required to remediate its supervisory violations.
Wedbush Securities Inc. allegedly created and produced to FINRA staff-falsified and misleading documents, in connection with the staff’s review of the firm’s reporting of municipal securities transactions.
FINRA’s findings stated that Wedbush Securities Inc. altered the Municipal Securities Rulemaking Board (MSRB) Report Cards by whiting-out date information and adding supervisory signatures that gave the false impression that the firm conducted and evidenced supervisory reviews of MSRB Report Cards, when in fact the firm had not conducted such supervisory reviews.
FINRA’s findings also stated that Wedbush Securities Inc. reported municipal securities transactions to the MSRB in an untimely manner, failed to conduct supervisory reviews of MSRB Report Cards, and failed to designate a registered principal with responsibility to conduct supervisory reviews of the firm’s reporting of municipal securities transactions.
(FINRA Case #2012032080301)
If you've experienced investment losses through the purchase of municipal securities transactions with Wedbush Securities Inc. or due to another broker or financial advisor's recommendations, call Soreide Law Group for a free consultation with an attorney on the possibility of recovering your losses at: 888-760-6552.
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