February 2010-Hurst, TX
According to publicly available records of Kerry D. Wills (CRD#1353739) , a stockbroker employed with First Western Securities, Inc., discloses a regulatory event resulting in a suspension and a civil fine.
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 January 2020, without admitting or denying the findings, Wills consented to sanctions and the entry of the findings that he borrowed $150,000 from a 90 year old customer in violation of his member firm’s procedures. The findings stated that at the time of the loan, the customer maintained accounts at the firm and that Wills was the broker of record assigned to the customer’s account. The loan was memorialized with a promissory note that provided for a ten year term and a two percent interest rate. Wills never disclosed the loan to his firm or otherwise sought an exemption for the firm’s procedures prohibiting the acceptance of a loan from a firm customer. Wills made one annual payment on the loan, but the customer never cashed the check. The customer passed away six months later, leaving a trust document that provided for forgiveness of the loan. The findings also stated that Wills accepted a gift of approximately $19,500 in luxury travel from the customer. Wills did not disclose the travel gifts on the firm’s gifts and gratuities logs, despite the requirement that he do so in the violation of the firm’s procedures. The sanctions ordered were a six month suspension from FINRA ending October 17, 2020 and a $10,000 fine.
Wills has been employed by First Western Securities, Inc. since November of 2009. Prior to that time he was with Morgan Stanley Smith Barney, Citigroup Global Markets, Inc. and Dean Witter Reynolds, Inc.
If you have questions about an account handled by Kerry Dean Wills call to speak with an experienced securities attorney.
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