Wes Patterson Suspended, Involved In Investor Disputes

Broker Wes Patterson Gets Suspended By FINRA For Selling Away

The Financial Industry Regulatory Authority (FINRA) reportedly suspended securities broker Micah Wesley Patterson (“Wes Patterson”) (CRD#: 5562392, Layton, Utah), who worked for securities firms Northwestern Mutual Investment Services, MML Investors Services LLC (2014 to 2017), and most recently, Hornor Townsend Kent LLC (2017 to 2020). Not only that, but two investors filed disputes about Patterson alleging sales practice violations. Here’s more on those disclosures.

FINRA Issues Suspension, Fine To Wes Patterson For Alleged Private Securities Transactions

Notably, FINRA suspended Wes Patterson as a securities broker between July 6, 2020, and August 5, 2020, and fined him $5,000 to resolve allegations of his private securities transactions. Namely, Patterson solicited investors' purchases of Future Income Payments LLC. FIP marketed itself as a structured cash flow investment. The FIP investment appeared attractive given that FIP typically promised clients between 7 and 8 percent returns on their investment. However, FIP stopped operations in April 2018 when it owed approximately $300 million to investors.
Evidently, Wes Patterson had an investor execute a FIP purchase agreement when he worked for MML Investors Services. The investment was funded when Patterson joined Hornor Townsend Kent. The broker did not tell MML Investors Services or Hornor Townsend Kent about this transaction, including his compensation. Also, he completed a Hornor Townsend Kent compliance questionnaire inaccurately attesting to not engaging in private securities transactions.

Hornor Townsend Kent Client Alleges Unsuitable Recommendations Of FIP LLC

Evidently, a client of Hornor Townsend Kent disputed Wes Patterson’s recommendation of Future Income Payments. Specifically, the client alleges in this February 2020 FINRA Arbitration Claim that Patterson provided unsuitable advice and acted negligently, which resulted in the client’s $40,000 purchase of FIP and an indexed universal life insurance policy. Additionally, the client alleges that Patterson acted in breach of fiduciary duty and breach of contract. Moreover, he purportedly violated FINRA and NASD rules. Evidently, Hornor Townsend Kent agreed to settle this matter in May 2020 by making a $5,000 payment to the client.

Wes Patterson’s MML Investors Services Client Alleges Damages On Financial Plan, Structured Cash Flow

Particularly, the second dispute on Patterson’s BrokerCheck record comes from an MML Investors Services client. Notably, this November 2018 complaint alleges that Patterson failed to conduct due diligence or review risks of investments relating to the client’s financial plan. Supposedly, the client purchased an unsuitable structured cash flow investment and incurred damages. Because of this, they asked for $30,000 in compensation. However, MML Investors Services denied the dispute.

Did You Sustain Damages Through Patterson?

Did Wes Patterson cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many United States investors who incurred losses because of their financial advisors and securities brokers. Please note that Patterson denies all allegations of his sales practice violations.