Webush Securities Fined Again for Supervisory Lapses

December 4, 2012

violators.jpgLos Angeles, California-based Wedbush Securities was fined an additional $375,000 by the Financial Industry Regulatory Authority (FINRA) for failing to properly supervise and detect misconduct in connection with the sale of variable annuities. In an earlier blog post, we recently reported that Wedbush Securities had already been fined $300,000 for supervisory conduct that FINRA referred to as egregious and persistent. The firm's founder Edward Wedbush was also fined $30,000 and suspended for 30 days.

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On November 10, 2010, a Los Angeles Times article titled Edward Wedbush's roof leaks, but his wallet doesn't quoted one employee who referred to him as "the cheapest man alive."