Joel Farnsworth: $4.2 Million Bond Complaint Against Wedbush Advisor

Los Angeles financial advisor Joel Farnsworth (CRD# 1980052) allegedly breached his fiduciary duty, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Wedbush Securities, and that he is also registered with the firm’s office in Tyler, Texas.

Mr. Farnsworth’s BrokerCheck report discloses two investor complaints. The most recent, filed in July 2023, alleges that as a representative of Wedbush Securities, he acted negligently and breached his fiduciary duty in connection with an investment in government bonds. The pending complaint alleges damages of $4.2 million.

An earlier investor complaint, filed in 2019, alleged that as a Wedbush Securities representative, he “unduly benefited from the execution of a Transfer of Death form.” The complaint reached a settlement of $26,000.

Investors should be aware that the term fiduciary standard describes a financial advisor’s responsibility to place their clients’ interests above their own. Advisors who fail to uphold their fiduciary duty to their clients may be liable for damages.

According to the Financial Industry Regulatory Authority, Joel Farnsworth holds 33 years of securities industry experience. Based in Los Angeles, California and Tyler, Texas, he has been a broker and an investment advisor with Wedbush Securities since 2009 and 2020, respectively. His past registrations include First Wall Street Corporation (Henderson, Nevada; 1994-2008), Miller & Schroeder Financial (Minneapolis, Minnesota; 1993-1994), Smith Barney Harris  Upham (New York, New York; 1992-1993), Wulff Hansen & Company (San Rafael, California; 1990-1992), Gruntal & Company (New York, New York; 1989-1990) and Bear Stearns & Company (New York, New York; 1989). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Idaho, and Nevada. (Information current as of August 20, 2023.)

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