Levin Law, P.A. (“Levin Law”) is investigating claims against Westpark Capital, a securities brokerage firm that provides investment banking and securities brokerage services in California, Florida and New York. Levin Law is interested in speaking with customers of Westpark Capital who have lost money in their investments, including but not limited to, private placements and private investments in public equity (“PIPEs”).
Levin Law filed a complaint against Westpark Capital involving the conduct of financial advisor John Reilly, alleging in excess of $400,000 in damages resulting from the alleged misrepresentations and over-concentration of a private placement recommended by Westpark Capital to one of Levin Law’s clients. The matter remains unresolved.
Additionally, according to publicly available documents, more than ten (10) disclosures of judgments and liens against John Reilly, a Financial Advisor at Westpark Capital who has been in the securities industry since 1979.
In separate cases, FINRA has fined Westpark Capital for failing to oversee its financial advisors’ sales practices, many of which were subject to a multitude of customer complaints, judgments, liens, or regulatory events divulged on the FINRA BrokerCheck system.
Financial advisors have legal and regulatory obligations to recommend only suitable investments that match their clients’ needs and goals. Securities brokerage firms have a legal and regulatory responsibility to properly supervise the sales practices and client interactions of their financial advisors and stockbrokers. Moreover, such securities brokerage firms may be liable to customers when supervisory failures lead to losses in customers’ financial losses.
In June 2017, Reuters published a report examining data issued by the Financial Industry Regulatory Authority (FINRA). According to the Reuters report “about half of the firm’s 95 brokers have FINRA flags on their records” and “more than 47% of Westpark brokers once worked at firms that were later expelled by FINRA.”
A link to the Reuters article is at https://www.reuters.com/investigates/special-report/usa-finra-brokers/
Brian Levin is the managing partner of Levin Law, P.A., and has both a domestic and international practice, primarily representing individual investors, institutional investors, family offices, and others in claims for investment-related wrongdoing against brokerage firms, private banks, investment advisors, commodities firms, hedge funds, and others. He also represents financial-industry professionals, including financial advisors, private bankers, hedge-fund employees, professional traders, and others in employment-related and trading claims against financial institutions.
In addition, Mr. Levin represents parties in consumer and securities-related class actions and whistleblower actions, as well as parties in business disputes, including corporate divorces, employment matters, and general business litigation. He has recovered millions of dollars on behalf of aggrieved investors.
If you believe that you have improperly suffered investment losses with Westpark Capital as a result of negligence, securities fraud, or other wrongdoing, contact Levin Law for a FREE case consultation.