WFG Investments Inc., of Texas, is facing a $650,000 “global fine” by the Financial Industry Regulatory Authority Inc. (FINRA) Last March WFG agreed to pay $200,000 over an alleged stock-fraud scheme. The reasons for the latest fine has not yet been revealed.
"Global fines" are given when regulators are trying to settle long running or chronic problems with the broker/dealers.
According to the SEC, WFG has revenues totaling $46.6 million for the 12 months ending in June, and posted a loss of $210,000. The company has approximately 270 registered reps/financial advisors and around $1.6 million in net capital on hand.
The potential fine was brought to light after a WFG former registered rep, Matthew A. Bell, along with six others were arrested in July on alleged securities fraud charges in connection with the market manipulation of penny stocks. It is not known if those charges are related to the most recent FINRA fine.
If you purchased high risk penny stocks with WFG, or their brokers, please contact Soreide Law Group at (888) 760-6552 for a free consultation. We represent clients nationwide.
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