Wedbush Securities, Inc. and Founder Edward Wedbush Consent to Censure and $900,000 Fine by NYSE
NYSE Regulation filed a Statement of Charges on behalf of NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) naming Edward W. Wedbush and Wedbush Securities, Inc. as Respondents. In order to resolve the matter, the Exchange entered into an Offer of Settlement and Consent with each Respondent. By stipulation of the parties, the Statement of Charges […]
Timary Delorme and Wedbush Securities, Inc.
The Securities and Exchange Commission announced charges against Wedbush Securities Inc. for failing to supervise employee Timary Delorme after the broker-dealer ignored numerous red flags indicating that Delorme was involved in a long-running pump-and-dump scheme targeting retail investors. Delorme agreed to settle fraud charges stemming from the same scheme. This is the second SEC action […]
Wedbush Securities Inc. fined $1.5 Million by FINRA
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Wedbush Securities Inc. $1.5 million for violating the Securities and Exchange Commission’s (SEC) Customer Protection and Net Capital Rules, and for related supervisory and books and records failures. The SEC Customer Protection Rule creates requirements to protect customers’ funds and securities. To ensure […]
Energy losses with Wedbush Securities broker Mark Heiden?
Aidikoff, Uhl & Bakhtiari continues its investigation of the sales practices of Mark Heiden for his management of client accounts and the overconcentration of energy related stocks investments: Energy XXI Bermuda Ltd. Clearbridge American Energy MLP Goldman Sachs MLP Energy Arch Coal Seadrill We are currently investigating whether all material risks of the recommended investments […]
Wedbush Securities Inc. – Los Angeles, California
An AWC was issued in which the firm was censured and fined $110,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it engaged in trading unit aggregation but failed to ensure that individual traders were assigned to only one aggregation unit (AGU) at any […]