According to InvestmentNews, the Dallas based broker-dealer, WFG Investments Inc., is facing a “global fine” that could cost the firm upwards of $650,000. The report indicates that the Financial Industry Regulatory Authority (FINRA) issue a “global fine” when attempting to settle long running problems within a brokerage firm. The reason for this potential fine is unclear at this time.
InvestmentNews reports that this is the firms second 6 figure fine in the past two years. WFG was fined $200,000 in 2013 for allegedly missing a stock-fraud scheme.
According to InvestmentNews, WFG Investments is a midsize firm with approximately 270 registered brokers. Reportedly, the firm had “t total revenues of $46.6 million for the 12 months ending in June, and posted a loss of $210,000.”
The potential “global fine” shortly follows FINRA’s investigation into former WFG broker, Mathew Bell. Bell along with six other individuals were arrested in July on securities fraud chargers. More on Bell can be found, here.
Brokerage firms have a fiduciary duty to put the interests of their clients above their own. Firms are also required to adequately supervise the activities of their brokers. If a broker misleads or uses deceitful tactics when making investment recommendations, the firm may be held liable for investment losses incurred by the client.
If you purchased investments with WFG and suffered losses, The White Law Group may be able to help. To speak with a securities attorney about your litigation options, please call The White Law Group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
To learn more about The White Law Group visit, www.whitesecuritieslaw.com.