WFG Investments, Inc: Information for Investors

WFG-Investments,-Inc--Information-for-Investors
WFG Investments, Inc (CRD: 22704) is a brokerage firm with headquarters in Dallas, Texas. In recent years, this firm has also done business under other names, including as the Williams Financial Group and the Wilson Financial Group. As of early January of 2018, there are 26 total disclosures on this broker-dealer’s record. Among these disclosures are 23 regulatory events and 2 FINRA arbitration cases.

Here, our securities fraud attorneys list the 6 most recent disclosures involving WFG Investments, Inc. All information that is provided below comes directly from FINRA. If you are an investor who wants full details regarding any of these regulatory disclosures, or any other disclosure, please refer to the WFG Investments BrokerCheck Report.

 

WFG Investments, Inc: FINRA Disclosures

 

Disclosure #1

Date: 05/31/2017

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to supervise appropriately the sales practices of a registered representative who engaged in unsuitable trading in the brokerage and advisory accounts of his customers, primarily by inappropriately concentrating his customers’ accounts in low-priced securities. The findings stated that senior personnel at the firm were aware of red flags that the registered representative was engaged in unsuitable trading with respect to low-priced securities. Notwithstanding their knowledge of these red flags, the firm consistently failed to take adequate supervisory steps to ensure that the registered representative’s sales of low-priced securities to his customers were suitable.”

Sanctions: “The firm was censured and fined $150,000.”

 

Disclosure #2

Date: 06/10/2016

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to identify and apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (UITs). The findings stated that specifically, the firm failed to apply sales charge discounts to eligible UIT purchases resulting in customers paying excessive sales charges.”

Sanctions: “The firm was censured, fined $65,000, and ordered to pay $75,563.62, in restitution to customers.”

 

Disclosure #3

Date: 09/03/2015

Reporting Source: Self-Reported

Initiated By: Texas State Securities Board

Allegations: “Without admitting or denying the findings, the firm consented to failures to enforce its written supervisory procedures related to the sales of alternative investments and of an OTC equity constitute violations of §115.10(b)(1) of the Board Rules.”

Sanctions: “The firm was reprimanded and fined $175,000.”

 

Disclosure #4

Date: 12/22/2015

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it effected customer transactions in a municipal security in an amount lower than the minimum denomination of the issue which was not subject to an exception under the rule. The findings stated that the firm failed to disclose all material facts concerning municipal securities transactions at or prior to the time of trade. Specifically, the firm failed to inform its customers that the municipal securities transaction was in an amount below the minimum denomination of the issue.”

Sanctions: “The firm was censured, fined $42,500, undertakes to revise its written supervisory procedures, and must offer rescission to the customers who executed transactions at either the original purchase price or the current fair market value, whichever is higher.”

 

Disclosure #5

Date: 12/14/2016

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to conduct appropriate due diligence and supervision with respect to a private placement offering that was sold by a registered representative away from the firm as an approved private securities transaction. The findings stated that the firm failed to supervise the private securities transactions of one of its registered representatives that were executed through the representative’s registered investment advisory (RIA) firm, in contravention of its written supervisory procedures (WSPs). The findings also stated that the firm failed to maintain an adequate supervisory system to ensure that transactions executed in its customer accounts were suitable.”

Sanctions: “The firm was censured and fined $700,000.”

 

Disclosure #6

Date: 03/31/2014

Reporting Source: Regulator

Initiated By: FINRA

Allegations: “Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it transmitted to the order audit trail system (OATS) reportable order events (ROES) that were rejected by OATS for context or syntax errors and were repairable.”

Sanctions: “Monetary/Fine $17,500”

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