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Steven Graham: SEC Charges Valencia Advisor in GWG L Bond Complaint
Valencia, California financial advisor Steven Graham (CRD# 1977736) allegedly recommended unsuitable GWG L bond investments, according to Securities and Exchange Commission charges. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Western International Securities, which has also been charged with fraud by the SEC.
In June 2022 the SEC charged Steven Graham, Western International Securities, and four other firm representatives with violations of Regulation Best Interest, which requires brokers to have a reasonable basis to believe that the transactions they recommend to their customers are in those customers’ best interests. According to an SEC news release, Graham violated the Best Interest Obligation when he “recommended and sold an unrated, high-risk debt security known as L Bonds to retirees and other retail investors.” Many of the retail customers in question “were on fixed incomes and had moderate risk tolerances,” according to the SEC, and the GWG L bond investments “were high risk, illiquid, and only suitable for customers with substantial financial resources.” The SEC alleges that Mr. Graham and the other defendants failed to exercise reasonable diligence to understand the investments they were recommending, and because they recommended the products “to at least seven particular customers” for whom they had no reasonable basis to believe the investments were in their best interests. The charges against Mr. Graham, Western International Securities, and the other representatives remain pending.
According to the Financial Industry Regulatory Authority, Steven Graham holds 32 years of securities industry experience. Based in Valencia, California, he has been a broker and an investment advisor with Western International Securities since 2020. His past registrations include JP Morgan Securities (Saugus, California; 2012-2020), Chase Investment Services (Newhall, California; 2009-2012), Wamu Investments (Granada Hills, California; 2007-2009), NYLife Securities (Woodland Hills, California; 2007), WM Financial Services (Chatsworth, California; 2005-2007), and PFS Investments (Duluth, Georgia; 1989-2005). His credentials include the passage of seven securities industry qualifying examinations: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 22 state licenses. (Information current as of August 19, 2022.)
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