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Wedbush Securities Charged by Regulators with Supervisory & Anti-Money Laundering Deficiencies

Wedbush Securities Charged by Regulators with Supervisory & Anti-Money Laundering Deficiencies

Wedbush Securities Charged by Regulators with Supervisory & Anti-Money Laundering Deficiencies 150 150 Rex Securities Law

Washington, DC–On August 18, 2014, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Wedbush Securities for systemic supervisory and anti-money laundering (AML) violations in connection with providing direct market access and sponsored access to broker-dealers and non-registered market participants.

FINRA’s complaint, which can be accessed here, alleges that from January 2008-August 2013, Wedbush enabled market access customers to flood U.S. exchanges with thousands of potentially manipulative wash trades and other potentially manipulative trades.

The complaint also alleges that the firm failed to establish and enforce adequate AML policies and procedures, and failed to report suspicious and potentially manipulative transactions.

Wedbush Securities (formerly Wedbush Morgan Securities) is headquartered in Los Angeles, CA, and has been registered with FINRA since 1955. They have over 400 brokers in 100 branch offices nationwide.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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