Former Securities America Financial Advisor, Jaime Westenbarger, Barred By FINRA After Failing To Comply With A FINRA Investigation
Jaime Westenbarger (CRD # 4625703) was a Financial Advisor at Securities America in Grand Rapids, Michigan. Jaime Westenbarger has been in the securities industry since 2003 and previously worked at First Allied Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2019, Jaime Westenbarger was terminated by Securities America “for violating Firm policies and procedures regarding borrowing money from clients.”
Subsequent to his termination, FINRA commenced an investigation into Jaime Westenbarger and he refused to cooperate. As a consequent, FINRA sanctioned Jaime Westenbarger, barring him from the securities industry. According to the FINRA sanction:
“Without admitting or denying the findings, Westenbarger consented to the sanction and to the entry of findings that he failed to provide documents requested by FINRA during the course of an investigation after it learned of the conduct disclosed in a Form U5 submitted by his member firm. The findings stated that Westenbarger intentionally provided a partial response, but did not substantially comply with all aspects of FINRA’s request. The form U5 submitted by the firm disclosed that his termination was for a violation of firm policies and procedures regarding borrowing funds from clients.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019063681501%20Jaime%20M.%20Westenbarger%20CRD%204625703%20AWC%20jm.pdf
In addition, Jaime Westenbarger has been the subject of three customer complaints during his career, including the following:
- August 2018—”Client alleges he was sold an Allianz Variable Annuity in 2017 that was unsuitable due to illiquidity of product.” The complaint was denied by the firm.
- April 2017—”Client alleges that REIT products sold to her in July 2015 were unsuitable.” The complaint was denied by the firm.
- December 2009—“Client alleges unsuitability of a variable annuity.” The complaint was settled for $12,500.
For a copy of Jaime Westenbarger’s CRD, click https://brokercheck.finra.org/individual/summary/4625703#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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