Securities Lawyers Blog
The security fraud attorneys at Gana Weinstein LLP are currently investigating Westpark Capital, Inc. (Westpark Capital) broker Patrick Maddren (Maddren). According to BrokerCheck records, Maddren has been subject to two customer disputes involving various forms of security fraud.
In March 2016, a customer alleged that Maddren engaged in a wide range of security fraud, including false representations, excessive trading, unauthorized trading, unsuitable recommendations, and breach of contract. The dispute was settled for $295,000.
In May 2012, a customer alleged that in February 2012, Maddren executed unauthorized trades in the account. The customer requested $62,530 in damages.
In addition, Maddren has been subject to two tax liens. In June 2012, Maddren incurred a tax lien of $75,630. In June 2012, Maddren incurred a tax lien of $225,256.80.
Large tax liens are a potential sign that the advisor has difficulty managing their own finances. FINRA provides this information to the public because it is material for consumers to know whether or not their advisor’s financial situation influences the advisor’s recommendations.
Maddren has been subject to various customer complaints alleging security fraud. Securities fraud includes a wide range of practices including false representations, manipulation, unauthorized trading, and Ponzi schemes. Investors are protected against fraudulent securities activities by several different laws.
Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
Maddren entered in the securities industry since 2004 and has been registered with Westpark Capital since 2017. From August 2012 to Septemeber 2017, Maddren was registered with Laidlaw & Company. From August 2009 to August 2012, Maddren was registered with Dawson James Securities, Inc. From January 2009 to Aaugust 2009, Maddren was registered with Prestige Financial Center, Inc. From June 2005 to January 2007, Maddren was registered with Great Eastern Securities, Inc. From September 2004 to May 2005, Maddren was registered with Sky Capital LLC. From April 2004 to August 2004, Maddred was registered with S.W. Bach & Company.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of security fraud and brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover