Bruce Worthington, Founders Financial Securities, Middleton, MA
Massachusetts Secretary of State William Galvin has reportedly charged a former broker, Bruce Worthington with allegedly running a 13-year scheme misappropriating funds from a single client, according to news reports.
Worthington, of Tewksbury, Mass., allegedly withdrew close to $100,000 from the accounts of one of his clients, for his own personal use, according to reports.
Galvin’s office alleges that Worthington falsified documents to show the client that the investments he had recommended were performing well, according to reports. Instead, as the investor neared retirement, Worthington purportedly told him his funds weren’t ready for withdrawal.
According to his FINRA BrokerCheck report, Worthington was affiliated with Founders Financial Securities in Middleton, MA from June 2013 until he was fired in September 2018 for his alleged receipt and disposition of customer funds.
FINRA reportedly suspended Worthington indefinitely in December for failing to respond to its requests for information, according to FINRA.
Galvin’s office also says Worthington failed to show up before the state’s Securities Division when he was subpoenaed in December 2018, according to reports.
In addition to a censure, a cease-and-desist and an administrative fine, Galvin’s office reportedly wants Worthington barred from operating in Massachusetts.
FINRA Arbitration Claim
The White Law Group is investigating potential claims involving Bruce Worthington and the liability his former employers may have for failing to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
If you are concerned about your investments with Bruce Worthington, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration Claim.
For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.