First Allied Securities Sued For Misrepresentation
Jaime Michael Westenbarger of Grand Rapids Michigan a stockbroker formerly associated with First Allied Securities Inc. is the subject of a customer initiated investment related complaint on January 21, 2020 in which the customer requested $30,636.16 in damages based upon allegations of the stockbroker misrepresenting an annuity sold to the First Allied Securities customer.
Westenbarger has been referenced in five more customer initiated investment related disputes concerning accusations of his wrongdoing while associated with securities broker dealers including OneAmerica Securities Inc. and Securities America Inc. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related civil action in reference to Westenbarger was resolved for $12,500.00 in damages based upon accusations of misrepresentation and suitability relating to annuities that the customer purchased during the period in which Westenbarger was associated with OneAmerica Securities. Civil Action No. 09-1425-CZ.
On September 11, 2017, a customer filed an investment related complaint involving Westenbarger’s conduct in which the customer requested $165,000.00 in damages based upon allegations of Westenbarger initiating real estate investment trust purchases which failed to be suitable for the First Allied Securities customer. Westenbarger is also referenced in a customer initiated investment related complaint on August 20, 2018 where the customer sought $29,000.00 in damages founded on accusations that the Securities America customer’s assets were placed into an inappropriate Allianz variable annuity given its lack of liquidity.
On October 11, 2019, a customer filed an investment related arbitration claim involving Westenbarger’s conduct in which customers requested $212,000.00 in damages based upon accusations that they were defrauded and that their funds were converted by the stockbroker when he was associated with Securities America. FINRA Arbitration No. 19-03015. According to the claim, the customers were persuaded by the stockbroker to buy a corporate note. Westenbarger allegedly used the customers’ funds for his own reasons. The claim alleges that an unsuitable and unauthorized unit investment trust purchase was effected by Westenbarger. Fiduciary and contractual obligations were allegedly not complied with. FINRA rules and Michigan Securities Act had been violated according to the claim.
Westenbarger has been barred from associating with any FINRA member in any capacity supported by findings that the stockbroker chose not to provide information or documentation to FINRA personnel during the period in which he was under investigation. Letter of Acceptance Waiver and Consent No. 2019063681501 (Oct. 8, 2019).
According to the AWC, FINRA received notice from Securities America that Westenbarger was discharged on August 14, 2019 based upon allegations that the stockbroker violated its policies and procedures by borrowing from a customer of the securities broker dealer. FINRA determined that the stockbroker violated Rules 2010 and 8210 by failing to sufficiently respond to its requests for documentation and information.