SEC Obtains Partial Summary Judgment against Westport Capital Markets

Posted on October 4th, 2019 at 12:10 PM
SEC Obtains Partial Summary Judgment against Westport Capital Markets

From the Desk of Jim Eccleston at Eccleston Law LLC:

A federal court recently granted partial summary judgment in the Securities and Exchange Commission's ("SEC") favor against Christopher E. McClure and his firm, Westport Capital Markets, LLC. 

According to the SEC's complaint, McClure and Westport Capital Markets breached their fiduciary duties and defrauded their advisory clients when they repeatedly purchased securities that generated significant amounts of undisclosed compensation and enriched themselves at their clients' expense. The complaint seeks injunctive relief, disgorgement of ill-gotten monetary gains plus interest, and penalties.

According to the court order, the defendants acted at least negligently when they did not disclose their conflicts of interest. Therefore, the SEC is entitled to summary judgment on its claims. The court reserved for trial questions of material fact as to whether defendants acted intentionally, knowingly, or recklessly and to whether defendants acted willfully under the antifraud provisions of the Advisers Act.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, sec, westport capital markets

Return to Archive



Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.


February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.

February 20, 2024
Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

FINRA's annual report for 2024 reveals a concerning trend among broker-dealers, with numerous instances of violations of Regulation Best Interest (Reg BI).