In a recent financial disclosure filed with the Securities and Exchange Commission, WFG Investments, Inc. of Dallas, Texas, may be facing a $650,000 fine by the Financial Industry Regulatory Authority (FINRA). In the footnotes to the recent financial filing, WFG states:
“The Company expects to incur a global fine from FINRA in the near future and has accrued that expense in the amount of $650,000 as of June 30, 2014. THe amount is an estimate provided by legal counsel working closely with FINRA.”
WFG Investments has about 270 brokers nationwide. The filing , which includes a statement of financial condition for the fiscal year ending June 30, 2014, indicates stockholder equity of $2,482,890 and gross revenues for $46.5 million.
IN 2013, WFG paid a fine of $200,000 to FINRA to resolve allegations that the firm had inadequate written supervisory procedures.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are 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.
Florida-561 391 1900