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Elder Abuse: Were You a Victim of Former Western International Securities Financial Advisor Clement Chichester?

Posted on Wednesday, May 2nd, 2018 at 6:26 pm    

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Erez Law is currently investigating former Western International Securities financial advisors Clement Chichester (CRD# 1255275) and his wife Brittney Sias (CRD# 4274432) regarding elder abuse of a client and scamming her out of more than $1 million in cash and property.

In February 2018, the California Department of Insurance arrested Chichester and Sias for allegedly scamming a senior victim out of more than $1 million in cash and property. The couple faces more than two dozen felony counts, including identity theft, embezzlement, forgery and fraud. If convicted on all counts, Chichester faces more than 35 years in prison and Sias faces more than nine years in prison.

The California Department of Insurance investigation found that the couple earned large commissions by allegedly selling numerous unnecessary and unsuitable annuities to an elderly victim who was in her 80s, causing her to lose more than $300,000. Of note, the couple convinced the elderly client to liquid an annuity policy and invest the funds in real estate investments trust, which earned the coupole large commissions.

Additionally, the investigation found that Chichester, “persuaded the victim to sell him a residential property she owned for half of its market value. No appraisal was performed prior to the sale and some of the money used to purchase the property allegedly came from another victim of Sias’ scams. The property was valued at approximately $1,000,000 but the victim only received $68,858.17 from Chichester. In early 2015, the suspects allegedly tricked the victim to file full re-conveyance documents with the Los Angeles County Recorder’s Office giving up all ownership rights to Chichester.”

In October 2017, FINRA barred Chichester and Sias after they consented to the sanction and to the entry of findings that they failed to provide FINRA-requested documents and information after initially providing partial responses to a previous request in connection with FINRA’s investigation of alleged receipt of funds from a customer of their member firm.

Chichester was registered with Western International Securities in Westlake Village, California from 2012 to October 2017, when he was terminated regarding, “Accepted FINRA AWC for failure to respond.” 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 is seeking $700,000 in damages and the case is currently pending.

Sias was registered with Western International Securities in Westlake Village, California from 2013 to October 2017, when she was terminated regarding, “AWC entered for failure to respond.” Sias has been the subject of one customer complaint, according to her CRD report:

March 2018. “Breach of fiduciary duty; Unsuitable investment recommendations & strategy; Material misrepresentations & omissions.” The customer is seeking $700,000 in damages and the case is currently pending.

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 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.