With apologies to the bodacious Miss Tina Turner, who was singing about Nutbush, her hometown, in 1973, and to Wedbush Securities, a member of FINRA since way back in 1955, the Questions of the Week are these: How did a firm with Wedbush’s experience come to “negligently” misrepresent on “monthly account statements that it sent… Read More >>
Wedbush Settles Charges of Unregistered Sales & Activity
The U.S. Securities and Exchange Commission (SEC) reports that Wedbush Securities Inc. will pay more than $1.2 million to “settle charges arising from the unlawful unregistered distribution of nearly 100 million shares of more than 50 different low-priced microcap companies, and from Wedbush’s failure to file suspicious activity reports (SARs) pertaining to those transactions.” Wedbush,… Read More >>
Wedbush Securities Settles ADR Case with SEC
Broker-dealer Wedbush Securities Inc. has settled with the SEC for $8.1 million over charges that the firm improperly handled pre-released American Depositary Receipts (ADRs) from November 2011 through September 2013. Without admitting or denying the SEC’s findings, the firm has agreed to the SEC’s order, which alleges that Wedbush “improperly obtained pre-released ADRs from depositary banks… Read More >>
Wedbush Settles Supervisory Failure Charges for $250K
The Los Angeles-based Wedbush Securities Inc. and the SEC have come to a settlement over charges that the firm failed to properly supervise one of its registered representatives, allegedly involved in a pump-and-dump scheme. The agreement, which follows an administrative proceeding from last year, will require the firm to pay a $250,000 penalty and agree… Read More >>
Wedbush Securities Charged with Customer Protection Violations
The Financial Industry Regulatory Authority (FINRA) reports that it has fined Wedbush Securities Inc. $1.5 million for violating the SEC’s customer protection and net capital rules, and for related supervisory and books and records failures. Separately, the SEC observes that Wedbush Securities, the largest unit in Wedbush Inc., a firm that has existed since the… Read More >>
FINRA Fines Wedbush $675K on Supervisory Violation Charges
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and levied a $675,000 fine against Wedbush Securities Inc. for “supervisory violations” that concerned a client’s “chronic fails to deliver” after so-called naked trades of leveraged exchange-traded funds (ETFs), during the January 2010 to March 2012 period. The Wedbush client was broker-dealer Scout Trading,… Read More >>
