Kerry Dean Wills, a former stockbroker with First Western Securities under suspension by the company, is facing charges of unethical borrowing from an older customer. Investors using the services of First Western Securities who may have suffered losses while being represented by Kerry Dean Wills can get in touch with Haslkorn & Thibaut (InvestmentFraudLawyers.com).
Kerry Dean Wills has been suspended by the Financial Industry Regulatory Authority (FINRA) and faces a ten thousand dollar fine for alleged elder investment fraud. He had been registered with First Western Securities since 2009.
Wills allegedly perpetrated the fraud on an elderly investor, aged 90, by borrowing $150k. According to the Self Regulatory Organization (SRO), Wills’ conduct was in violation of both First Western Securities rules and FINRA’s regulations.
Wills diverted those funds to pay for litigation expenses and also did not inform his employer about the loan. The terms of the loan included a 2% annual interest rate over a 10-year term. The conditions were agreed upon via a promissory note.
Wills made one payment according to the terms of the loan, but the elderly lender died before the check could be cashed.
Wills also failed to make the necessary disclosures to First Western Securities about the gifts he received from the aged lender. These included luxury travel in the form of cruises and airfare. These are valued at $19,500.
Kerry Dean Wills has been in the industry for more than three decades, and his past employers include Morgan Stanley, Smith Barney, and Citigroup. Although suspended, Wills is still a securities broker with First Western Securities.
Broker-dealer firms have rules in place so that mismanagement of funds can be prevented and checked. Stockbrokers held in violation of rules governing the management of customers’ funds can face legal action for fraud or negligence.
The firms, too, are accountable for the actions of their employees guilty of negligence and fraud that may lead to a financial loss for a customer. Firms need to ensure that they have the regulations and procedures in place to prevent and detect such conduct by financial advisors working for them.
Haselkorn & Thibaut, P.A. specialize in investigating investment fraud, and over the years, its experienced lawyers have helped clients all over the U.S recover millions of dollars in cases involving stock broker fraud.
Their senior investor fraud lawyers work with investors and their families to recover losses that have occurred due to financial advisor malpractice.
Investors are encouraged to call at 1 888-628-5590 or visit InvestmentFraudLawyers.com for a free consultation on recovering their loses.
John has a background in helping kids with math and loves writing about the stock market. He has a brain for things that are technical and is applying them in the financial world. Follow John as he covers breaking investment news and stock tips.