Former Securities America Advisor Charged with Misappropriating $260,000

Posted on November 8th, 2022 at 1:20 PM
Former Securities America Advisor Charged with Misappropriating $260,000

From the Desk of Jim Eccleston at Eccleston Law.

The Financial Industry Regulatory Authority (FINRA) has barred a former Securities America advisor who allegedly misappropriated $260,000 from clients.

The former Securities America advisor, Jaime Westenbarger, additionally has been charged with seven criminal felony counts, including one court of conducting a criminal enterprise, three counts of embezzlement, and three counts of using computers to commit a crime. Each of the crimes occurred in 2018, according to the website for Kent County’s 63rd District Court in Grand Rapids, Michigan.

According to sources, Westenbarger used the misappropriated funds to “pay off credit cards, gamble at various casinos in Michigan, Las Vegas and New Orleans, as well as buy items for himself and his girlfriend.” Westenbarger spent time with six FINRA-registered firms since joining the industry in 2003, including Securities America, which he joined in May 2016, according to BrokerCheck.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

July 1, 2025
State Regulators Fine Five Major Broker-Dealers Nearly $10 Million for Excessive Commission Charges

A coalition of state securities regulators has ordered five broker-dealers — including Edward Jones, LPL Financial, RBC, Stifel, and TD Ameritrade — to pay almost $9.9 million in penalties for overcharging customers on small-value trades.

June 30, 2025
SEC Charges New Mexico Investment Advisor with Fee Fraud and Fiduciary Breaches

The Securities and Exchange Commission (“SEC”) has charged David A. Nagler and his firm, New Line Capital LLC, with defrauding clients through deceptive fee disclosures and undisclosed conflicts of interest.

 

June 27, 2025
FINRA Sanctions Advisor for Accepting $1 Million Inheritance from Client Without Firm Approval

FINRA has fined and suspended veteran advisor Kenneth J. Malm for accepting a $1 million inheritance from a client without receiving the necessary firm approval.