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Westlake Village Broker Thomas Swan Under SEC Investigation
The US Securities and Exchange Commission is investigating Westlake Village, California stockbroker Thomas Swan (CRD# 1698430) over alleged violations of federal securities laws. According to Financial Industry Regulatory Authority records, the Western International Securities representative has also received an investor complaint alleging he made negligent misrepresentations.
A February 2022 disclosure on Mr. Swan’s BrokerCheck report states that he is under investigation by the SEC for potential “Violations of certain provisions of the federal securities laws, including Rule 15l-1(a)(1), Rule 15l-1(a)(2),” and Section 20(a) of the Securities Exchange Act of 1934. Rule 151-1 is also known as “regulation best interest,” a standard of conduct requiring brokers to recommend only investments and strategies that are in their clients’ best interests. It further stipulates that brokers and financial advisors must identify any possible conflicts of interests relating to their investment recommendations. The SEC investigation against Mr. Swan is still pending.
Mr. Swan’s BrokerCheck report also discloses a recent investor complaint against him. Filed in 2020, the complaint alleged that as a representative of Western International Securities, he engaged in negligent misrepresents relating to variable annuity and insurance investments. In 2021 the complaint reached a settlement of $110,000.
According to the Financial Industry Regulatory Authority, Thomas Swan holds 33 years of securities industry experience. He has been affiliated with Western International Securities in Westlake Village, California since 2008. His past registrations include Financial West Group (Ventura, California), WM Financial Services (Irvine, California), Great Western Financial Securities Corporation (Northridge, California), SunAmerica Securities (Phoenix, Arizona), IFG Network Securities (Atlanta, Georgia), Sentra Securities Corporation (Phoenix, Arizona), Planned Investments (Atlanta, Georgia), and First American National Securities (Duluth, Georgia). His credentials include the passage of six securities industry qualifying exams: the Uniform Combined State Law Examination, or Series 66; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Investment Company Products/Variable Contracts Principal Examination, or Series 26. He presently holds five state licenses. (Information current as of May 13, 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.