Finra censures, fines Dawn Bennett’s former firm


The Financial Industry Regulatory Authority Inc. has censured Western International Securities for its lax compliance procedures and fined the firm $325,000. In addition, the firm has agreed to hire an independent consultant to review its compliance efforts and recommend changes.

Finra said that from October 2011 through June 2018, the Pasadena, Calif.-based firm failed to amend regulatory filings for 52 registered representatives in a timely manner, neglecting to disclose 163 liens, judgments and/or bankruptcies that totaled more than $5 6 million.

Dawn Bennett, who was sentenced to 20 years in prison for defrauding 46 investors as part of a $20 million Ponzi scheme, was an independent contractor affiliated with Western International at the time she conducted her fraud.

[More: ]

Written by Investors Wallets

OneMain Financial Personal Loans Review 2020 | Secured and Unsecured

Morgan Stanley CEO vows no layoffs in 2020