Wadsworth Investment Co. reportedly has been told by the Connecticut state Department of Banking that it has “…90 days to make changes in its operation or risk losing its broker-dealer registration.” The report from the local news outlet myrecordjournal.com, further indicates that a Feb.7th ruling ordered Wadsworth to replace its president, William F. Wadsworth Sr., and additionally revoked his registration as a broker-dealer agent and investor adviser agent. The White Law Group is currently investigating the impact the issues at Wadsworth may have had on investors. If investors have suffered losses they may be able to pursue recovery of their losses through the Financial Industry Regulatory Authority (FINRA) dispute resolution claims process.
The February 7th ruling reportedly stated “that Wadsworth Investment Co. Inc. failed to maintain books and records, particularly e-mail records…” and “fail[ed] to make required books and records, particularly corporate records, available to the Commissioner.” William F. Wadsworth Sr. was said to have violated anti-fraud securities provisions “by omitting material information…” to clients and “willfully engag[ing] in dishonest or unethical practices by using signature guarantees in a manner that was inconsistent with industry standards, including guaranteeing the signature of a deceased individual…”
William F. Wadsworth Sr. purportedly disagrees strongly with the actions of the state regulators and is said to have admitted to only minor administrative issues at the firm. The action of the Connecticut securities regulators seems to indicate that they believe there have been serious issues at Wadsworth Investment Co. The Department of banking fined Wadsworth Investment Co. $250,000 and Mr. Wadsworth Sr. individually $200,000.
If you suffered investment losses as a result of investing with Wadsworth Investment Co. and/or Mr. William F. Wadsworth Sr. and would like to speak to a securities attorney about your potential to recover investment losses through a claim with the Financial Industry Regulatory Authority (FINRA) please call our Chicago office at 312-238-9650.
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 Boca Raton, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.