Articles Tagged with wilshire discount securities

AdobeStock_90383187-1-300x194Former Liberty Partners Financial Services broker Jeffery Fanning was recently suspended from the securities industry for six months by the Financial Industry Regulatory Authority (FINRA). Fanning allegedly failed to reasonably supervise potential excessive trading by other representatives at the firm. Fanning agreed to pay a fine of $20,000 and was suspended for six months in all capacities by FINRA because of this misconduct. Churning, or excessive trading is a particularly egregious form of broker misconduct, because the broker trades in and out of securities, sometimes within the same day. This can lead to large commissions for the broker, but unnecessary fees for the client. It is against securities laws and internal firm rules.
Jeffery Alan Fanning, according to FINRA records online, was previously registered with Kennedy, Cabot & Co., Rowland, Simon & Co., Stifel, Nicolaus & Company, Inc., Wilshire Discount Securities, Thomas F. White, Midwest Discount Brokers, Emmett A Larkin Company, Andrew Garrett Inc., Banc One Securities and Liberty Partners in West Palm Beach, Florida from May 2004 until March 2017. He has three customer disputes against him, one of which is pending. They allege mismanagement, and failure to detect/supervise actions of a representative, among other things. He has four regulatory matters against him. He is not currently registered as a broker, and has been suspended from the industry.

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