The securities and investment fraud law firm of Fitapelli Kurta is continuing its investigation into WFG Investments, Inc.
WFG Investments is currently facing a $650,000 fine from the Financial Industry Regulatory Authority (FINRA). The cause of the fine remains unstated in the firm’s SEC Focus report, however this is not the first time WFG Investments has had to pay six figures to FINRA for misconduct.
Just last year, on March 14, 2013, FINRA fined WFG Investments $200,000 for participating in unlawful distribution of shares of IEAM (Industrial Enterprises of America Inc.) stock, in violation of Section 5 of the Securities Act of 1933.
WFG Investments is no stranger to FINRA disciplinary actions and fines, even aside from the two seemingly astronomical figures stated above. On March 31, 2014 WFG Investments was fined $17,500 for failure to establish a supervisory system that would reasonably achieve broker compliance with FINRA rules and on April 25, 2013 WFG investments faced yet another fine for failure to amend certain disclosures related to its registered representatives and failure to disclose several customer complaints on their securities licenses. According to WFG Investment’s FINRA BrokerCheck Report, FINRA has alleged that some customer complaints simply were not filed all together and others were filed as late as 99 days past due.
On June 22, 2012, WFG Investments was fined yet another $40,000 for failing to ensure an investor’s funds were placed in an escrow account and for adding unreasonable markups to same day transactions.
On December 9, 2009 WFG Investments received a $37,500 fine from FINRA, this time for failure to transmit certain sales and orders in time, failure to report the correct time of execution for transactions in reportable securities, and failure to provide a supervisory system that would ensure broker’s compliance with FINRA rules.
WFG Investments is headquartered in Dallas, Texas with offices located across the nation. WFG Investments is home to 270 registered brokers and financial advisors and has received 18 regulatory events and two FINRA arbitrations indicated on its FINRA BrokerCheck Report since its founding in 1998.
If you or someone you know has suffered financial loss as a result of WFG Investments’ misconduct, you may be entitled to financial compensation for your loss. Located in the heart of New York City, the law firm of Fitapelli Kurta prosecutes investment fraud cases nationwide on a contingency fee basis. Time is limited in these cases, so do not wait. Contact the experienced attorneys at Fitapelli Kurta today for your free consultation.