Barclays Loses Big Producers to Merril

Posted on September 11th, 2015 at 2:22 PM
Barclays Loses Big Producers to Merril

From the Desk of Jim Eccleston at Eccleston Law LLC:

A Texas based broker-dealer, WFG Investments, has been fined by Texas Securities Commissioner John Morgan for failing to determine whether the sales of alternative investments exposed clients to excessive risks.

WFG failed to ensure that its brokers were selling suitable investments and failed to monitor how large a percentage of a customer’s account could be held in alternative investments, such as real estate investment trusts (REITs). Moreover, WFG was criticized for its sales of over-the-counter (OTC) stocks.

WFG Investments is owned by Williams Financial Group. According to WFG’s CRD, it has been the subject of 20 regulatory events including a $700,000 fine in 2014 for supervisory failures and a $200,000 fine in 2013 for other supervisory deficiencies. It has about 280 brokers in 102 branch offices nationwide.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, WFG Investments, Texas, Williams Financial Group

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