Westpark Capital Ordered By FINRA To Pay $400,000 for Allegedly Failing to Supervise Brokers With Disciplinary Histories & Customer Complaints Who Churned Accounts, Engaged in Unauthorized, Excessive & Unsuitable Trading.
The Financial Industry Regulatory Authority (FINRA) has issued an order requiring Westpark Capital, Inc. to pay a total of $400,000 (a $100,000 fine and $300,000 in restitution to affected Westpark Capital customers) for supervisory system failures and suspended two officers for failing to supervise Westpark Capital brokers who churned customer accounts and engaged in unauthorized and unsuitable trading in accounts in two now-closed Long Island branches, according to a May 6, 2010 FINRA securities & investment regulatory press release.
FINRA reportedly found that between February 2006 and July 2007, Westpark Capital failed to establish and maintain an adequate system for supervising its brokers. In concluding the settled proceedings, Westpark Capital neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.
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