Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Jeffrey Higgins (Higgins) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Higgins was employed by Western International Securities, Inc. at the time of the activity. If you have been a victim of Higgins’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $225,000.00 on December 13, 2024.
Misappropriation
FINRA BrokerCheck shows a pending customer complaint with a damage request of $450,000.00 on December 12, 2024.
Misappropriation
FINRA BrokerCheck shows a pending customer complaint with a damage request of $500,000.00 on December 12, 2024.
Misappropriation
FINRA BrokerCheck shows a pending customer complaint with a damage request of $425,000.00 on December 12, 2024.
Misappropriation.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on August 23, 2024.
Client alleges misappropriation of funds and portfolio mismanagement.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000.00 on August 21, 2024.
Misappropriation
FINRA BrokerCheck shows a pending customer complaint with a damage request of $240,000.00 on August 12, 2024.
Failure to supervise and misappropriation of funds.
FINRA BrokerCheck shows a final customer complaint on July 01, 2024.
Without admitting or denying the findings, Higgins consented to the sanction and to the entry of findings that he refused to produce information and documents and refused to appear for on-the-record testimony requested by FINRA during the course of a matter that originated from an examination by FINRA following a regulatory tip. The findings stated that Higgins’ member firm filed a Form U5 stating that he was discharged based on his notification to it that he had been misdirecting client investments and funds and misappropriating client investments and funds to his own use, starting at his prior broker-dealer firm, and that these activities have continued through to the date of termination.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $210,000.00 on June 09, 2023.
Unsuitable Recommendations, Misrepresentations and Omission of Material Fact
Our law firm has extensive experience representing defrauded victims when their advisors accept loans from clients or conduct securities sales through OBAs. In the financial industry, “selling away” refers to the sale of unapproved investment products, fake schemes that conceal stolen funds, and other fraudulent activities, representing a significant violation of securities regulations. The term “selling away” in the industry refers to financial advisors promoting investments in businesses, promissory notes, or securities that their affiliated brokerage firm has not approved. Some of these investments may appear legitimate, but they often lead to Ponzi schemes or advisors engaging in fund misappropriation.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To adequately supervise their brokers, firms must implement systems that track advisors’ activities and communications with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Higgins has been in the securities industry for more than 27 years. Higgins has been registered as a Broker with Western International Securities, Inc. since 2017.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
