FINRA has announced a $72,500 fine that Los Angeles-based brokerage firm Wedbush Securities Inc. has agreed to pay as a result of findings that Wedbush engaged in dozens of disclosure violations with customers and had numerous supervisory failures. (This is not a mistaken blog entry. You have understood our blog correctly. In addition to Wedbush’s history of regulatory fines, FINRA has published two (2) separate new fines just this month.) This is a firm that has been accused of securities and regulatory violations on a number of occasions and repeatedly has been the subject of FINRA arbitration awards involving stockbroker misconduct.
With Wedbush’s long history of regulatory fines and regulators’ findings that Wedbush engaged in various forms of misconduct, we are shocked that investors still would entrust their savings to the brokerage firm. Unfortunately, many investors are not made aware of these regulatory fines and Wedbush presumably does not go out of its way to announce such negative news. With offices located in Los Angeles, Dimond Kaplan & Rothstein, P.A. has represented a number of investors who have lost money as a result of Wedbush Securities’ alleged misconduct, and we continue to investigate and prosecute such claims against Wedbush.