Glen Webster (CRD#: 4839854), formerly a registered representative with IFS Securities (CRD#: 40375) in Atlanta, Georgia, has been suspended from the securities industry by FINRA, the Financial Industry Regulatory Authority, according to his BrokerCheck record accessed on January 16, 2020.
On December 19, 2019, Glen Webster entered into an Acceptance, Waiver, and Consent (AWC) with FINRA in which he consented to a suspension and to the findings that he borrowed $10,000 from a customer. His firm, as well as applicable securities laws, prohibited this conduct. Glen Webster was suspended from the securities industry for three months, from January 6, 2020 to April 5, 2020. A copy of the AWC can be viewed here.
This is not the only disclosure on Glen Webster’s BrokerCheck record. He has also been involved in several other customer disputes.
On June 22, 2011, Glen Webster was terminated from his position at Chase Investment Services Corp. after the firm alleged that he viewed a bank customer’s account without a business reason to access the account.
On March 13, 2015, Glen Webster became involved in a customer dispute in which a customer alleged that the broker did not discuss the risk of an investment strategy with him. The dispute was ultimately settled for $25,000.
On June 12, 2015, a client alleged that Glen Webster did not inform him about the potential costs involved in exiting a covered call strategy. According to the complaint, Glen Webster recommended the strategy, which was employed by an outside money manager. The dispute was settled for $145,000.
On March 25, 2019, a client alleged that Glen Webster told her that liquidating a foreign entity would not result in tax consequences. However, the complaint states that it did result in tax consequences, and then Glen Webster recommended that the client cover these through a withdrawal from her annuity. But the client complained that Glen Webster also failed to inform her that this action would in turn also have tax implications.
Over his 14-year career in the securities industry, Glen Webster has worked for eight firms:
- IFS Securities (CRD#: 40375)
- Wells Fargo Clearing Services, LLC (CRD#: 19616)
- Chase Investment Services Corp. (CRD#: 25574)
- Investment Centers of America, Inc. (CRD#: 16443)
- SII Investments, Inc. (CRD#: 2225)
- MetLife Securities Inc. (CRD#: 14251)
- Metropolitan Life Insurance Company (CRD#: 4095)
- Morgan Stanley DW Inc. (CRD#: 7556)
If Glen Webster was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation.