September 2021- Jackson Gap, AL
According to publicly available records John Westbrook, a currently unregistered broker who previously was employed by Center Street Securities, discloses a regulatory event, a pending customer dispute and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In November of 2020, Westbrook consented to the entry of findings that he participated in private securities transactions totaling $350,335 without prior disclosure to or approval from his member firm. The findings stated that Westbrook solicited investors to purchase securities of a company that represented itself as a structured cash flow investment. After the company ceased business, owing nearly $300 million in unpaid investor payments, the United States charged the company and its owner with conspiracy to engage in mail and wire fraud related to the company’s operations. FINRA sanctions for Westbrook were a five month suspension in all capacities and a $5,000 fine levied against Westbrook individually.
In June of 2020, in FINRA case #20-01961, a Center Street Securities customer alleged unsuitability, negligence, and that Westbrook sold them a product not approved by CSS and never told them what he was doing. The alleged damages are $290,000 and the case is still pending.
In February of 2020, Westbrook was discharged from employment with Center Street Securities following allegations of his failure to follow Firm policy and procedures related to the use of an unapproved email address.
Westbrook was employed with Center Street Securities from September of 2014 until February of 2020. Before that time he was with OneAmerica Securities, Gradient Securities, Capital Financial Services, Signator Investors and Next Financial Group.
If you have questions about an investment account with John A. Westbrook, call to learn how you may be able to recover damages through FINRA arbitration.
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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