In August 2013, the Financial Industry Regulatory Authority (“FINRA”) announced that it has fined Los Angeles-based Wedbush Securities Inc. a whopping $750,000 and required Wedbush to hire an independent consultant to conduct a comprehensive review of, and recommend modifications and additions to, certain of the firm’s policies, systems, controls, procedures.
Wedbush Securities Faces Long List of Regulatory Issues
This is a continuance of a long list of regulatory troubles that Wedbush Securities has faced over the years. FINRA’s disciplinary action relates to Wedbush’s numerous regulatory reporting violations.
While these violations may not have caused investor losses, Wedbush’s repeated regulatory fines appear to reflect Wedbush’s utter disregard for securities regulators’ authority and Wedbush’s own obligations to maintain the integrity of the securities markets.
We assume that Wedbush is so wildly profitable that it views these regulatory fines as nothing more than a cost of doing business.
At Dimond Kaplan & Rothstein, P.A. our securities fraud and stockbroker misconduct lawyers assist investors who have lost money as a result of the careless or intentional misconduct of firms like Wedbush.
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If you lost money with Wedbush Securities or believe you are a victim of securities fraud, contact a qualified securities fraud attorney today.
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If you are looking for a securities fraud attorney to review your rights and options, the securities fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.