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Read MoreJaime Westenbarger: Ex-Securities America Rep Sanctioned
Former Grand Rapids, Michigan broker Jaime Westenbarger (CRD# 4625703) has been sanctioned and barred by the Financial Industry Regulatory Authority, which found he failed to provide documents requested as part of a FINRA investigation into possible misconduct. Westenbarger is a former representative of Securities America.
According to a Letter of Acceptance, Waiver and Consent (No. 2019063681501) dated October 2019, FINRA sent Jaime Westenbarger a written request on August 26, 2019 for information and documents pursuant to FINRA Rule 8210, which gives FINRA the right to require member persons to provide information connected to matters under its investigation. FINRA’s findings state that Westenbarger requested through counsel and was granted an extension to respond, after which he “provided a partial response, but did not substantially comply with all aspects of the request.” He later acknowledged that he would not produce the remaining documents requested by FINRA. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member firm in any capacity.
According to Jaime Westenbarger’s BrokerCheck report, he has also been named in a pending regulatory complaint by the state of Michigan. Initiated on March 31, 2010, the complaint alleges that he “misstated a material fact in connection with the offer and sale of a security” when he represented that he would invest two individual’s funds in corporate notes, and “instead used the funds to pay for personal expenses.” The complaint remains pending.
Westenbarger was also the subject of a customer complaint filed in September 2019, alleging he recommended an unsuitable variable annuity investment. The complaint reached a settlement in January 2010 of $12,307.02.
Jaime Westenbarger is not currently registered as a broker or an investment adviser. His employment history includes Securities America, First Allied Securities, American Portfolios Financial Services, Invest Financial Corporation, Sigma Financial Corporation, and OneAmerica Securities, all in Grand Rapids, Michigan. He has passed seven securities industry qualification examinations and currently holds no state securities licenses. (Information current as of April 15, 2020.)
