Westpark Capital

There are Recent Customer Complaints with Broker Kim Kunz in Firm Westpark Capital, Inc.

April 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kim Kunz (Kunz), previously associated with Westpark Capital, Inc., has at least one disclosable event. These events include one regulatory event, alleging that Kunz recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 05, 2024.

Without admitting or denying the findings, Kunz consented to the sanctions and to the entry of findings that he willfully violated Rule 15/-1(a)(I) of the Exchange Act (Reg Bl) by recommending that two retail customers invest in a speculative, unrated debt security. The findings stated that the bonds that Kunz recommended to the customers were considered speculative, involved a high degree of risk, were illiquid, and were only suitable for persons with substantial financial resources and with no need for liquidity. Both customers had a stated moderate risk tolerance with an investment object of income and neither included speculation.

There are Recent Customer Complaints with Broker Matthew Turner in Firm Westpark Capital, Inc.

February 15, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Turner (Turner), currently associated with Westpark Capital, Inc., has at least one disclosable event. These events include one regulatory, alleging that Turner recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 15, 2025.

Without admitting or denying the findings, Turner consented to the sanctions and to the entry of findings that he willfully violated Exchange Act Rule 15l-1(a)(1) (Regulation BI) when he recommended trading in customer accounts, including those of seniors, that was excessive, unsuitable and not in their best interest. The findings stated that the customers relied on Turner’s advice and routinely followed his recommendations, and as a result, Turner exercised de facto control over the customers accounts. The trading generated $34,269.69 in commissions and resulted in realized losses of $160,822. The findings also stated that Turner exercised discretionary authority to place 148 trades in four customer accounts, including the three customer accounts he excessively traded, without obtaining written authorization from the customers and without his firm having accepted the accounts as discretionary.

There are Recent Customer Complaints with Broker Alfred Vanderlaan in Firm Westpark Capital, Inc.

February 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alfred Vanderlaan (Vanderlaan), previously associated with Westpark Capital, Inc., has at least 6 disclosable events. These events include 5 customer complaints, one regulatory, alleging that Vanderlaan recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 22, 2025.

Without admitting or denying the findings, Vanderlaan consented to the sanctions and to the entry of findings that he willfully violated Rule 15l-1(a)(1) of the Exchange Act (Reg BI) by recommending that two retail customers invest in speculative, unrated corporate bonds that were not in their best interests based on their investment profiles. The findings stated that the customers’, one of whom was a senior, stated investment objective was growth and income, and it did not include speculation. Vanderlaan’s recommendations were not in the customers’ best interest based on their investment profiles, including their moderate risk tolerance, in light of the high degree of risk associated with the bonds. Vanderlaan received a total of $6,508 in commissions in connection with his recommendations.

WestPark Capital Advisor Philip Rosensweig Has Ten Investment Complaints

February 20, 2019 | by Staff Attorney

According to BrokerCheck records financial advisor Philip Rosensweig (Rosensweig), currently employed by WestPark Capital, Inc. (WestPark Capital) has been subject to at least ten customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Rosensweig’s customer complaints allege that Rosensweig made unsuitable recommendations in a variety of securities.

In March 2016 a customer brought a complaint against Rosensweig alleging the broker violated the securities laws by breaching his fiduciary duty, negligence, and fraud from 2015 through 2016. The claim alleged $100,000 in damages and settled.

In March 2016 a customer brought a complaint against Rosensweig alleging the broker violated the securities laws by breaching his fiduciary duty, negligence, and fraud from 2014 through 2016. The claim alleged $75,000 in damages and settled.

In October 2006 a customer brought a complaint against Rosensweig alleging the broker violated the securities laws by making unauthorized trades. The claim alleged $10,000 in damages and settled.

Westpark Capital Advisor Marc Steinberg Subject to Suitability Complaints

December 3, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor Marc Steinberg (Steinberg), currently employed by Westpark Capital, Inc. (Westpark Capital) has been subject to five customer complaints in his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Steinberg concern allegations of unsuitable investments.

In April 2018, a customer complained that Steinberg engaged in unsuitable investments causing $39,796 in damages. The claim was denied by the firm.

In November 2016, a customer complained that Steinberg engaged in unsuitable investments from December 2012 until February 2015 causing $16,833 in damages. The claim was denied by the firm.

Advisor Michael Polyakov Subject to Multiple Allegations of Excessive Trading

November 7, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Polyakov (Polyakov) has been subject to three customer complaints and eight financial disclosures. Polyakov is currently employed by Westpark Capital, Inc. (Westpark Capital). Many of the customer complaints against Polyakov concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, and unsuitable investments.

In January 2013 a customer filed a complaint alleging unsuitable investments, churning, and excessive trading. The claim alleged $157,178 in damages and settled.

In March 2010 a customer filed a complaint alleging churning, unauthorized trades, and unsuitable investments claiming $250,000 in damages. The complaint was settled.

In addition, Polyakov has eight financial disclosures concerning debt compromises. This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider. In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.

Lawrence Fawcett Barred By FINRA and Subject to Churning Complaints

July 16, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former Westpark Capital, Inc. (Westpark Capital) broker Lawrence Fawcett (Fawcett) has been subject to five customer complaints, two regulatory actions and one termination for cause. Fawcett was barred by FINRA from the securities industry in March 2018 after failing to appear for testimony in connection with an investigation regarding Fawcett’s outside business activities. At around the same time Fawcett was terminated by Westpark Capital on allegations that he conducted business from a non-disclosed location and made false representations to the firm.

In December 2017 Fawcett was sanctioned by FINRA on allegations that he recommended unsuitable mutual fund transactions to a customer by recommending 12 different mutual fund families instead of obtaining favorable breakpoint discounts for the customer.

In addition, many of the customer complaints against Fawcett concern high frequency trading activity also referred to as churning or excessive trading. In May 2018 a customer filed a complaint alleging excessive trading, churning, and unsuitable transactions seeking $33,271 in damages. The claim is currently pending.

Broker Patrick Maddren Subject to Multiple Securities Fraud Allegations

July 11, 2018 | by Staff Attorney

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.

Patrick Maddren Subject to Customer Complaint For Excessive Trading

November 30, 2017 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Patrick Maddren (Maddren) has been subject to two customer complaints and two tax liens. Maddren is currently registered with WestPark Capital, Inc. (WestPark Capital). In March 2016 a customer filed a complaint alleging a number of securities law violations including that the broker engaged in churning (excessive trading), material misrepresentations and omissions, unauthorized trading, unsuitable recommendations, and breach of contract among other claims. The claim alleged $1,000,000 in damages and is now settled.

In 2012 several tax liens were filed against Maddren in amounts totaling over $300,000. Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.

When brokers engage in excessive trading, sometimes referred to as churning, the broker will typical trade in and out of securities, sometimes even the same stock, many times over a short period of time. Often times the account will completely “turnover” every month with different securities. This type of investment trading activity in the client’s account serves no reasonable purpose for the investor and is engaged in only to profit the broker through the generation of commissions created by the trades. Churning is considered a species of securities fraud. The elements of the claim are excessive transactions of securities, broker control over the account, and intent to defraud the investor by obtaining unlawful commissions. A similar claim, excessive trading, under FINRA’s suitability rule involves just the first two elements. Certain commonly used measures and ratios used to determine churning help evaluate a churning claim. These ratios look at how frequently the account is turned over plus whether or not the expenses incurred in the account made it unreasonable that the investor could reasonably profit from the activity.

Advisor Victor Sibilla Subject to Multiple Customer Complaints

November 10, 2017 | by Staff Attorney

According to BrokerCheck records financial advisor Victor Sibilla (Sibilla), currently associated with Westpark Capital, Inc. (Westpark Capital), has been subject to 6 customer complaints, one regulatory action, and two civil judgments. According to records kept by The Financial Industry Regulatory Authority (FINRA) Sibilla has been accused by customers of unsuitable investments, misrepresentations, excessive trading, and misuse of margin among other claims.

In May 2017, a customer filed a complaint alleging that Sibilla was not licensed in the state where he transacted business seeking $108,400 in damages. The claim is currently pending. In June 2013 another customer filed a complaint alleging that Sibilla misrepresented that his stock would double claiming $175,000 in damages. The claim was closed. In September 2012, a customer alleged excessive trading and unsuitable investments causing $300,000 in damages. The claim was settled.

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.