Jaime Michael Westenbarger, a former broker, and investment adviser was barred by the Financial Industry Regulatory Authority (FINRA) based on the allegations of his refusal to provide the information and document requested by FINRA in the course of an investigation against him, according to an investigation by investor rights attorney, Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating activities related to Jaime Westenbager’s alleged refusal to provide information as requested by FINRA in the course of the investigation against him. This allegation was charged against him while he was a registered investment representative at the FINRA member firm of Securities America, Inc.
Jaime Westenbarger Barred
In 2019, FINRA barred Jaime Westenbarger as an investment adviser from serving clients in all capacity. This was based on the allegations of his refusal to provide information and documents requested from him by FINRA in an investigation. His firm had allegedly submitted a Form U5 against him to FINRA which kickstarted the investigations against him. The Form U5 contained disclosures from the firm about the circumstances surrounding his termination. He was allegedly terminated for violating firm policies and procedures regarding the borrowing of funds from clients. Upon the request for documents from FINRA, Jaime Westenbarger allegedly intentionally provided a partial response but did not fully comply with the request according to his FINRA Brokercheck report.
These allegations were settled by the signing of an Acceptance, Waiver and Consent order. Jaime Westenbarger, without the admittance or denial of the findings, signed the order, which provided for his indefinite bar in all capacities.
Jaime Westenberger Has Been Involved in Customer Disputes
Jaime Westenbarger has a pending customer dispute against him, which was initiated in 2019. According to his brokercheck report, he was alleged to have convinced a client in May 2018 to purchase corporate notes and he allegedly diverted the funds for his personal use. He was also alleged to have violated the Michigan Securities Act and FINRA Conduct rules and also liable for breach of fiduciary duty, fraud, and conversion. The damage requested amounts to $212,000. Another customer dispute was opened in 2019 on the allegations of Westenbarger recommending an annuity which was an unsuitable investment. The dispute settled for $12,307.
In 2018, Jaime Westenbarger had a customer dispute brought against him denied. He was alleged to have sold an Allianz variable annuity to a client which was allegedly unsuitable. The $29,000 damage sought was denied.
A 2017 customer dispute brought against him was also denied. He was alleged to have sold an unsuitable investment to a client. The damage sought was $165,000.
A customer dispute brought against him in 2017 was settled for $12,500. He was alleged to have sold an unsuitable annuity in May 2006 to a client. The client sought a damage of $5000.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Jaime Westenbarger’s alleged refusal to fully comply with FINRA’s investigation. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients.
Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Jaime Westenbarger’s alleged refusal to fully comply with FINRA may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
