Ridgefield Advisor Shannon Powers Receives Investor Complaint

A recently filed investor complaint alleges that Ridgefield, Washington financial advisor Shannon Powers (CRD# 2367198) made unsuitable investment recommendations. Records provided by the Financial Industry Regulatory Authority show that Ms. Powers is a broker and investment advisor with Western International Securities, doing business as Powers Financial & Insurance Group.

Investor Complaint Seeks $210,000

Ms. Powers’ BrokerCheck report discloses one recent investor complaint. Filed in October 2022, it alleges that as a representative of Western International Securities, she misrepresented and recommended unsuitable investments. The pending complaint alleges damages of $210,000.

FINRA Rules Forbid Unsuitable Investment Recommendations

For reference, FINRA rules and standards forbid brokers from providing misleading information regarding investments, an act generally referred to as “misrepresentation.” One of the most pertinent rules regarding misrepresentation is FINRA Rule 2020, which stipulates that no representative of a FINRA member firm may “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who misrepresent material facts regarding investments may lead their clients to purchase products that are unsuitable for them, in violation of FINRA Rule 2111. That rule stipulates that brokers may only recommend investments and strategies that are appropriate for a client’s background and objectives, based on reasonable diligence into the investor’s profile. Representatives who misrepresent and/or recommend unsuitable investments may be held liable for damages in the event of losses; they may even be subject to disciplinary action by FINRA, the Securities and Exchange Commission, or state securities authorities.

What Is Powers Financial & Insurance Group?

FINRA records show that Ms. Powers does business as Powers Financial & Insurance Group. According to the firm’s website, the Ridgefield-based firm serves customers in Washington, Oregon, and Nevada. “Our mission is to provide you with peace and serenity when it comes to your finances and important life decisions,” the website states. “At Powers Financial and Insurance Group, we are committed to helping our clients make wise financial and insurance decisions based on integrity, trust, and personalized service, and by building and maintaining long-term relationships that last for generations.” Ms. Powers’ biography states that she brings more than 25 years of experience in financial services and insurance, and that she is a Medicare Insurance Agent licensed in Arizona, California, Nevada, Oregon, and Washington. “She will work with you to make financial decisions in all aspects of your life and will help you determine when, where, and how to apply for Medicare Parts A and B,” her profile states. “She has a strong passion for helping others and will work with you to create plans that are tailored specifically to you.”

FINRA: Powers Based in Ridgefield, Washinton

According to records maintained by the Financial Industry Regulatory Authority, Shannon Powers has spent 27 years working as a broker. Currently based in Ridgefield, Washington, she is registered with Western International Securities and does business as Powers Financial & Insurance Group. Her registration history includes Wells Fargo and Cal Fed Investments in Los Angeles and Sacramento, California, respectively. More information is available via her BrokerCheck report. (Information current as of December 5, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.