September 4, 2015- Austin, Texas
Texas Securities Commissioner John Morgan entered a Disciplinary Order against Dallas based WFG Investments, Inc. , reprimanding and fining the company $175,000 for failing to determine whether the sales of alternative investments exposed clients to excessive risks.
The Order found that WFG failed to ensure that its brokers were selling suitable investments and failed to monitor how large a percentage of a customer’s account could be held in alternative investments, such as Real Estate Investment Trusts (REITs).
In addition, WFG was criticized for its sales of over the counter equities.
WFG Investments is owned by Williams Financial Group. WFG has been a FINRA member since 1988 and is licensed in 52 U.S. States and territories. Their FINRA records indicate that they have been the subject of 20 regulatory events including a $700,000 fine in 2014 for supervisory failures and a FINRA $200,000 fine in 2013 other supervisory deficiencies . They have about 280 brokers in 102 branch offices nationwide.
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.
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