Articles Tagged with Western International Securities

According to a recent InvestmentNews article, former broker Bradley Mascho allegedly failed to appear at a hearing with the Financial Industry Regulatory Authority (FINRA). Mr. Mascho was terminated from Western International Securities in December 2017. He and Dawn Bennett, who also worked at Western International, were the subjects of an investigation by the Securities and Exchange Commission (SEC) that involved the sale of more than $20 million in convertible and promissory notes to at least 46 investors from December 2014 until July 2017. In connection with its fraud case against Ms. Bennett, the SEC also charged Mr. Mascho with aiding and abetting an offering fraud by the firm. He was the previous chief financial officer of DJB Holdings, Bennett’s investment firm. According to FINRA’s Letter of Acceptance, Waiver and Consent (AWC) against him, it stated that the regulatory body was investigating him for “potential serious violations, including fraud, undisclosed outside business activities, and private securities transactions.” These are all violations of securities laws and internal firm rules and regulations.

Bradley Mascho was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from March 1997 until July 1999, American Express Financial Advisors in Minneapolis from March 1997 until July 1999, Legg Mason Wood Walker in Baltimore, Maryland from September 1999 until February 2006, Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009 and Western International Securities in Frederick, Maryland from October 2009 until December 2017. He has one customer dispute against him and one criminal pending charge alleging that he conspired to commit securities fraud, aided and abetted and conspired to commit wire fraud. All are felonies. He has one civil pending charge against him and has been permanently barred from the industry. This is according to FINRA records online.

AdobeStock_90383187-1-300x194Stoltmann Law Offices is investigating former Western International Securities broker Jorey Bernstein. A customer alleged that Mr. Bernstein participated in illegal interactions and outside business activities with a third party. This can create conflict of interest within the firm. Another customer alleged that Bernstein excessively traded his account and requested damages of $3,000,000. The dispute is currently pending. Excessively trading is also referred to as “churning,” and is when a broker trades in and out of a customer’s account, sometimes daily. This is a tactic used by brokers to generate large commissions for themselves and typically results in the customer paying unnecessary fees. It is against securities laws and internal firm rules. A brokerage firm has a duty to oversee its employees so they do not violate securities laws. If the firm does not, it may be liable for investment losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis.
According to his online, FINRA BrokerCheck report, Jorey Bernstein was previously registered with Citigroup Global Markets in Los Angeles, California from October 2005 until June 2009 and Morgan Stanley in Beverly Hills, California from June 2009 until December 2015. He is currently registered with Western International Securities in Pasadena, California and has been since December 2015. He has one customer dispute against him alleging excessive trading with respects to trades in accounts and one employment separation after allegations.

AdobeStock_35532974-1-300x200Stoltmann Law Offices continues to investigate Dawn Bennett, a former financial advisor who had civil fraud charges brought against her by the Securities and Exchange Commission (SEC) on Monday. Bennett was once the host of a radio show called “Financial Myth Busting with Dawn Bennett,” and regularly contributed to CNBC, and Financial Advisor magazine’s website, among other sources serving the financial services industry. She was barred from the industry in July 2016 after allegedly exaggerating the amount of client assets she and her firm filed. Bennett founded and owned DJBennett, a Washington, D.C.-based retail sports apparel business. Allegedly, from December 2014 until July 2017, she offered investors promissory notes in the company by making false and misleading statements. She allegedly targeted elderly and financially unsophisticated investors by misrepresenting the company’s profitability and by claiming that the company had the resources to pay annual rates of return up to 15 percent. She also misled clients about the liabilities and risk associated with their investments. She told them that their funds would be used for “corporate” purposes, but she actually used the proceeds to pay earlier investors, to pay off debt and to purchase jewelry and an annual lease for a luxury suite at AT&T Stadium in Dallas, Texas. The SEC claims she inflated her AUM by at least $1.5 billion.
According to the Financial Industry Regulatory Authority (FINRA), Bennett was registered with Wheat, First Securities in Charlotte, North Carolina, Legg Mason Wood Walker in Baltimore, Maryland from August 1996 until February 2006, Citigroup Global Markets in New York, New York from February 2006 until February 2006, Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009 and Western International Securities in Washington, D.C. from October 2009 until December 2015. She has 13 customer disputes against her, six of which are currently pending. She has been permanently barred from the industry.

According to a recent InvestmentNews article, Dawn Bennett, a former registered broker with Western International Securities, has lost a $1 million Financial Industry Regulatory Authority (FINRA) arbitration claim. Bennett was kicked out of the industry previously, and a FINRA arbitration panel accused her of making unsuitable investment recommendations for one of her clients. The former client will receive $746,000 as part of the award. Ms. Bennett allegedly recommended that the client invest in a gold exchange-traded fund. This was not suitable for him, and was leveraging his account and investing in these risky investments. Bennett’s former firm, Western International Securities, was also named in the arbitration award. Ms. Bennett was accused of breaching fiduciary duty, failing to supervise and negligence. She invested the client’s money in SPDR Gold Shares exchange traded fund. A broker must take into account a client’s risk tolerance, age, net worth, investment objectives and investment sophistication among other factors before recommending a security. If she does not, her brokerage firm may be liable for losses.

According to her online FINRA BrokerCheck report, Ms. Bennett was registered with Wheat, First Securities in Charlotte, North Carolina from March 1987 until August 1996, Legg Mason Wood Walker in Baltimore, Maryland from August 1996 until February 2006, Citigroup Global Markets in New York, New York from February 2006 until February 2006, Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009 and Western International Securities in Washington, D.C. from October 2009 until December 2015. She has 13 customer disputes against her, nine of which are currently pending. Please call today to discuss your options with one of our attorneys. There is no obligation.

Stoltmann Law Offices continues to investigate Dawn Bennett. According to a recent Disciplinary Proceeding against her, Bennett failed to provide information and documentation requested by the Financial Industry Regulatory Authority (FINRA) in an investigation involving potentially serious violations, such as conversion, fraud and private securities transactions. On July 11, 2016, Bennett was barred from the securities industry for violating federal securities rules by, among other things, making material misrepresentations and omissions regarding her assets under management. She was also ordered to cease and desist from any further violations of federal securities rules and ordered to pay disgorgement of $556,102 and ordered to pay a civil penalty of $600,000.

According to a FINRA investigation, in 2015, Bennett allegedly solicited and sold approximately $6 million in DJB11 convertible notes, and/or promissory notes purportedly guaranteed by her company, to 30 investors, most of whom were elderly. Bennett may have misappropriated investors’ money, committed fraud, and engaged in undisclosed outside business activities and private securities transactions. These are all against securities rules and regulations.

According to her FINRA BrokerCheck report, Bennett was registered with Wheat, First Securities in Charlotte, North Carolina from March 1987 until August 1996, Legg Mason Wood Walker in Baltimore, Maryland from August 1996 until February 2006, Citigroup Global Markets in New York, New York from February 2006 until February 2006, Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009 and Western International Securities in Washington, D.C. from October 2009 until December 2015. She has 12 customer disputes against her, seven of which are currently pending. She is not currently licensed within the industry.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert B. Silva, a former registered representative with Arete Wealth Management, allegedly engaged in outside business activity while registered there. Silva as the owner and sole officer and director of Premier Standard Equities Inc. Between January and February 2015, Silva, acting through Premier, demanded payment for forensic analysis he conducted, prior to joining Arete, of an individual’s investment portfolio held at another FINRA member and pension plan assets, with the expectation of receiving compensation in the amount of $10,000. For this he was suspended for 20 business days and fined $5,000.

Silva was registered with First Allied Securities in Pasadena, California from January 2007 until March 2009, Western International Securities in Pasadena from March 2009 until August 2012, GBS Financial Corp in Pasadena from July 2012 until December 2013, Arete Wealth Management in Chicago, Illinois from December 2013 until March 2015, MS Howells & Co. in Scottsdale, Arizona from April 2015 until April 2015 and Newport Coast Securities in New York, New York from October 2015 until November 2015. He has one customer dispute against him and is not licensed within the industry. Please call our Chicago-based law offices today to speak to an attorney about your options of recovering financial losses.

Did you invest money with Noyeg Arkoian and US Bancorp Investments? If so, the securities attorneys at Stoltmann Law Offices are interested in speaking to you. You may be able to bring a claim against US Bancorp Investments for failing to reasonably supervise their registered representatives such as Noyeg Arkoian, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) for allegedly accepting three separate loans from two firm customers, collectively totaling $17,750. This is against securities rules and regulations. In February 2014, Arkoian accepted a loan of $15,000 from one of her customers at the firm. In October 2014 and May 2015, she allegedly accepted loans of $2,000 and $750, respectively, from another customer. For this, she was suspended from the industry for three months and fined $5,000.

According to her online FINRA BrokerCheck report, Arkoian was registered with Cal Fed Investments, WM Financial Services, Citicorp Investment Services, Citigroup Global Markets, Wells Fargo Investments, Western International Securities, UnionBanc Investment Services and U.S. Bancorp Investments in Las Vegas, Nevada from June 2012 until July 2015. She has two customer disputes against her. Please call our securities law offices today in order to speak to an attorney for free about your options of suing US Bancorp in the FINRA arbitration process on a contingency fee basis.

Stoltmann Law Offices is investigating Dawn Bennett and her company, Bennett Group Financial Services in Washington, D.C. The Securities and Exchange Commission (SEC) alleged that she and her company misrepresented the amount of investments her company had under its management by over $1.5 billion. Bennett had her own radio show called “Financial Myth Busting with Dawn Bennett.” Bennett was registered with Wheat, First Securities Inc. in Charlotte, North Carolina from March 1987 until August 1996, Legg Mason Wood Walker in Baltimore, Maryland from August 1996 until February 2006, Citigroup Global Markets in New York, New York from February 2008 until February 2006 and Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009. She is currently registered with Western International Securities in Washington, D.C. and has been since October 2009. She has six customer disputes against her, three of which are pending. If you invested money with Dawn Bennett and Western International Securities, please call our securities law firm in Chicago at 312-332-4200 to speak to an attorney. The call is free with no obligation. We help investors recover money by suing firms such as Western International.

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