Tag Archives: First Western Securities problem

Kerry Dean Wills- First Western Securities Broker- Suspended for Borrowing from Elderly Customer- Hurst, TX

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.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

David Newman-Former First Western Securities Broker-Fined by Securities Regulator

Hurst, Texas- April 2016

David P. Newman who formerly was a stockbroker with First Western Securities  (4/2008-1/2016) in Hurst, Texas,  entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between fall 2012 and spring of 2015 he participated in undisclosed securities transactions by introducing a married couple and two other individuals to an outside investment.

FINRA alleged that nearly $900,000 was invested by Newman on behalf of the individuals for which he received a 10% commission. His actions violated various NASD and FINRA Rules requiring notice to his member firm and the requirement that recommendations for investments be suitable for the customer.

An insurance agent from Wichita Falls, Texas, Bobby Collins was selling notes to investors and the money raised purportedly was to be used for various business purposes. Collins was charged by the SEC with operating a fraud targeting elderly investors in November 2015, since he did not use the money raised for valid business purposes.

FINRA alleged that Newman did not perform adequate due diligence on the proposed investment and did not adequately investigate  Collin’s background prior to making the recommendation that his customers invest in Collin’s scheme.

Newman was fined $15,000, suspended for 15 months and required to disgorge the commissions of $89,500 he earned.

AWC 2015046649901

Newman’s FINRA record discloses 4 pending Internal Revenue Service liens ranging in amount from $594 to $999,0000.

If you have losses in an account handled by David Newman 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870