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Broker Complaints: World Equity Group (CRD# 29087)

The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Illinois-based brokerage and advisory firm World Equity Group (CRD# 29087).

Formed in Illinois in 1991, World Equity Group is headquartered in Arlington Hills, Illinois and registered with 53 US states and territories. Richard Babjak, Jr. is President; Stephen Dudas is Financial Operations Principal; Barry Link is Owner; Mary Lishcynsky is Chief Operating Officer; Robert Walter is Vice President; Jeffrey Weglarz is Chief Compliance Officer.

According to the firm’s BrokerCheck report, World Equity Group is the subject of seven regulatory sanctions.

In 2015 the Financial Industry Regulatory Authority (FINRA) sanctioned World Equity Group sanctioned World Equity Group following allegations, among others, the firm “failed to implement a reasonably designed anti-money laundering (AML) program to detect, investigate and report potentially suspicious activity.” World Equity Group was censured and issued a fine of $225,000.

In 2014 FINRA sanctioned World Equity Group following allegations the firm failed to report transactions in Trade Reporting and Compliance Engine (TRACE)-eligible products within the required time frame. World Equity Group was censured and issued a fine of $7,500.

In 2013 the North Carolina Department of Insurance sanctioned World Equity Group following allegations the firm failed to file a reportable event within the required time frame. World Equity Group was issued a fine of $250.

In 2012 FINRA sanctioned World Equity Group following allegations the firm failed to transmit all Reportable Order Events (ROES) to the Order Audit Trail System (OATS) for over a year. The firm was censured and issued a fine of $15,000.

In 2011 FINRA sanctioned World Equity Group following allegations, among others, the firm “permitted one of its registered representatives to publish advertisements that failed to provide a sound basis for a reader to evaluate the products and services being offered, contained exaggerated, unwarranted and misleading statements, and failed to disclose the firm’s name.” World Equity Group was censured and issued a fine of $50,000.

In 2007 the Florida Department of Financial Services sanctioned World Equity Group following allegations the firm failed to timely file an insurance agency application. The firm was issued a $1,000 fine.

In 1997 NASD sanctioned World Equity Group following allegations engaged in 45 sales of common stock without obtaining signed suitability statements, failed to provide risk disclosure documents, and failed to establish and uphold written supervisory procedures designed to prevent related violations. World Equity Group was censured and issued a fine of $18,000.

If you have suffered losses resulting from investments made with World Equity Group, you may be able to collect lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: we only receive payment if and when you recover money. You may have a limited window to file your claim, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.