FINRA suspends and fines James Warren Anderson $15,000
/Furgison Law Group investigates claims against James Warren Anderson and WFG Investments, Inc.
The securities fraud lawyers at Furgison Law Group are currently investigating claims against James Warren Anderson, WFG Investments, Inc., and Advisors Clearing Network, Inc. The arbitration specialists at Furgison Law Group are investigating claims involving allegations of breach of fiduciary duty, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct.
FINRA suspends and fines James Warren Anderson $15,000
FINRA assessed James Warren Anderson (CRD #1060765, Anthem, Arizona) a deferred fine of $15,000 and suspended him from association with any FINRA member in any principal capacity for 15 months. Anderson consented to the sanctions and to the entry of findings that he failed to appropriately supervise the sales practices of a registered representative who engaged in unsuitable trading in the brokerage and advisory accounts of his customers, primarily by inappropriately concentrating his customers’ accounts in low-priced securities.
The findings stated that Anderson was aware of red flags indicating that the representative was engaged in unsuitable trading with respect to low-priced securities. Anderson failed to follow up appropriately on information that he learned about the representative’s sale practices during a meeting with the representative’s direct supervisor. Anderson was instructed to conduct the audit of the representative’s branch office. Notwithstanding Anderson’s knowledge of potential sales practice violations involving low-priced securities, the audit he conducted related to non-sales practice issues, such as the review of change-of-address requests and a check of controls over the receipt of incoming mail. During this audit, Anderson did not review the advisory activity of representatives in this branch office, including the representative, and did not review trading in low-priced securities or suitability of transactions recommended or executed in the branch office. Anderson participated in another meeting with the representative’s direct supervisor and the representative at the firm’s headquarters. Anderson was charged with the responsibility of drafting a heightened supervision plan for the representative. The suspension is in effect from February 1, 2016, through April 30, 2017. (FINRA Case #2015045755001)
Investors Have the Right to Recover Their Losses
When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm and suffered loses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.
Can I recover my investment losses?
If you lost a substantial portion of your retirement savings or other assets as a result of investments purchased through James Warren Anderson, Advisors Clearing Network, Inc., or WFG Investments, Inc., please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.