Financial Advisors Clement Chichester and Brittney Sias, Marina Del Ray, CA
Have you suffered investment losses investing with Brittney Sias and Clement Chichester in Marina Del Ray, CA? If so, the securities attorneys at The White Law Group may be able to help you.
According to news reports, licensed insurance agents Clement Ignatius Lancelot Chichester and wife Brittney Jade Sias were reportedly arrested on February 8, 2018 for 28 felony charges in an alleged scheme to defraud an elderly client out of over $1 million in cash and property.
The couple, who were formerly registered representatives with Western International Securities in West Lake Village, CA, allegedly sold annuities to a 91-year-old former public school teacher in order to purportedly profit on large commissions, then allegedly convinced her to liquidate the policies so they could allegedly fund their own real estate investments.
According to investigators, Chichester purportedly sold the victim’s $1 million Culver City rental property in a fraudulent 2014 transaction that only netted her $68,800. He also purportedly convinced her to file public documents giving ownership rights to him.
State investigators reportedly believe some of the funds used to purchase the Culver City property were from another victim.
Update on Sept. 16, 2019
Following a guilty plea on July 6, 2019, Chichester was convicted on multiple felony counts and ordered to pay $750,000 restitution to his elderly victim. Under the terms of his conviction, Chichester’s felonies were reportedly reduced to misdemeanors after he repaid the victim $750,000, which he did on September 11, 2019.
Additional conditions include serving 24 days in the Los Angeles County Jail, one year probation and to stay away from his victim. This case was investigated by the California Department of Insurance Investigations Division and prosecuted by the Los Angeles District Attorney’s.
All charges against Sias were reportedly dismissed.
FINRA Records: Sias & Chichester Barred from Securities Industry
According to the Financial Industry Regulatory Authority, the regulator reportedly barred Sias and Chichester in 2017 from working in the securities industry after they allegedly refused to produce information and documents in connection with an investigation of their alleged receipt of funds from a customer at their member firm.
According to their FINRA BrokerCheck reports, Chichester and Sias were reportedly affiliated with Western International Securities in West Lake Village until both were reportedly discharged after allegations in October 2017.
Securities Fraud Investigation
The White Law Group is investigating potential lawsuits regarding the liability that Western International may have for failure to properly supervise Sias and Chichester.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including California. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Clement L. Chichester and Brittney Sias, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.