Options for Former Securities America, Inc. and First Allied Securities, Inc. Broker Jaime Westenbarger
Posted on Tuesday, May 5th, 2020 at 8:51 pm
Barred former Securities America, Inc. and First Allied Securities, Inc. broker Jaime Westenbarger (CRD# 4625703) faces multiple customer complaints for investment losses. Westenbarger was registered with Securities America, Inc. in Grand Rapids, Michigan from 2016 to 2019, when he was terminated regarding, “The representative was discharged for violating Firm policies and procedures regarding borrowing funds from clients.” Previously, Westenbarger was registered with First Allied Securities, Inc. in Grand Rapids, Michigan from 2014 to 2016. Prior to that Westenbarger was registered with five other firms in Grand Rapids, Michigan, including Oneamerica Securities, Inc., which he was registered from 2003 to 2006 when he was terminated regarding, “formation of corporation without prior approval of supervising principal and broker dealer compliance dept.”
In October 2019, FINRA barred Westenbarger after he, “consented to the sanction and to the entry of findings that he failed to provide documents requested by FINRA during the course of an investigation after it learned of the conduct disclosed in a Form U5 submitted by his member firm. The findings stated that Westenbarger intentionally provided a partial response, but did not substantially comply with all aspects of FINRA’s request. The form U5 submitted by the firm disclosed that his termination was for a violation of firm policies and procedures regarding borrowing funds from clients.
Westenbarger has been the subject of six customer complaints between 2009 and 2020, one of which was withdrawn and one was denied, according to his CRD report. Recent complaints are regarding:
January 2020. “Client alleges misrepresentation with his annuity purchases in August 2014 and November 2014.” The customer is seeking $30,636.16 in damages in this pending customer complaint. This complaint was regarding variable annuities and took place while registered with First Allied Securities, Inc.
October 2019. “Claimants allege that in May 2018 the representative convinced them to purchase a corporate note and instead used the funds for his own purposes; that in June 2018, the representative convinced them to replace a variable annuity for no apparent reason; and that in July 2019 the representative made an unauthorized purchase of a UIT, which was unsuitable. Allegations include violations of the Michigan Securities Act and FINRA Conduct Rules, breach of contract, breach of fiduciary duty, fraud and conversion.” The customer is seeking $212,000 in damages. The complaint was regarding variable annuities, corporate debt, and unit investment trusts (UITs) and took place while he was registered with Securities America, Inc.
September 2019. “Clients allege the annuity was an unsuitable investment.” The customer sought $12,307 in damages and the case was settled for $12,307.02. This complaint was regarding variable annuities.
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, Securities America, Inc. and First Allied Securities, Inc. may be liable for investment or other losses suffered by Westenbarger’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.