Broker Complaints: WFG Investments (CRD# 22704)

Fitapelli Kurta is interested in speaking to investors who have lost money investing with WFG Investments, or one of its brokers.

WFG Investments is a registered broker-dealer firm. WFG Investments is classified as a corporation and was formed in Texas in 1988. WFG Investments is registered with both the SEC and FINRA. WFG Investments’ main office is located at 2711 N Haskell Ave. Suite 2900 Dallas, TX 75204. WFG Investments has offices in 50 U.S. state and territories. WFG Investments has 345 registered representatives nationwide.

WFG Investments has a lengthy history of customer complaints filed both against WFG Investments and its brokers. WFG Investments also has a history of FINRA fines and securities violations.

On December 16, 2014, WFG Investments was fined $700,000 when one of its brokers sold a private placement offering away from WFG Investments. WFG Investments failed to supervise this broker’s private securities transactions. WFG Investments also failed to ensure that the transactions executed in WFG Investments customer’s accounts were suitable for their investment objectives. FINRA also found that WFG Investments failed to supervise statements made by one of its brokers on a public broadcast.

In May 2013, WFG Investments was fined $45,000 for failing to amend on of its brokers U4 Forms in a timely manner. Apparently the broker had received a customer complaint that alleged damages in excess of $5,000 an arbitration claim, and another customer complaint that had previously been settled for over $15,000 while pending arbitration with FINRA.

In March 2013, WFG Investments was fined $200,000 for unlawfully distributing nearly $18 million in shares of Industrial Enterprises of America, Inc. stock on behalf of a customer. WFG Investments also failed to determine whether these shares were freely tradable, even when the customer told WFG Investments he was selling shares that belonged to multiple shareholders but refused to disclose their identity.

In June 2008, WFG Investments was fined $27,500 for selling securities to customers at an aggregate price that was neither fair nor reasonable, including adding increased markups or markdowns to trade confirmations. WFG Investments was also ordered to pay over 10,000 as restitution to its aggrieved customers.

In April 2006, WFG Investments was fined $65,000 for failing to register their branches in Texas with the State Department. WFG Investments also failed to update one of its brokers U4 Forms to reflect the brokers outside business activities.

If you or someone you know has fallen victim to the financial misconduct of WFG Investments, or one of its other brokers, you may be entitled to full recovery of your losses. Many investors do not realize it, but the law provides investors with a path of recovery by way of arbitration through the Financial Industry Regulatory Authority (FINRA).

The law firm of Fitapelli Kurta prosecutes cases before FINRA arbitration panel for investors nationwide who have been victimized by broker-dealer firms like SII Investments, or their brokers. The time to file a claim with FINRA is limited, so do not delay. Call 212-568-1502 now to speak directly to an attorney and discuss the merits of your case for free.

Call now.