Erez Law is currently investigating former Western International Securities, Inc. broker Clement Chichester (CRD# 1255275) regarding unsuitable investment recommendations. Chichester was with Western International Securities, Inc. in Westlake Village, California from 2012 to 2017, when he was terminated regarding, “Accepted FINRA AWC for failure to respond.”
In October 2017, FINRA barred Chichester after he, “consented to the sanction and to the entry of findings that he failed to provide FINRA-requested documents and information after initially providing partial responses to a previous request in connection with FINRA’s investigation of his alleged receipt of funds from a customer of his member firm.”
Chichester has been the subject of two customer complaints between 2004 and 2018, one of which was denied, according to his CRD report:
March 2018. “Breach of fiduciary duty; Unsuitable investment recommendations & strategy; Material misrepresentations & omissions.” The customer sought $700,000 in damages and the case was settled for $100,000. The complaint was regarding direct investments.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Western International Securities, Inc. may be liable for investment or other losses suffered by Chichester’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.