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Kerry Wills Suspended by FINRA for Borrowing $150,000 from Elderly Client

Kerry Wills (CRD#: 1353739), a registered representative with First Western Securities, Inc. (CRD#: 19537) in Manhattan Beach, California, has been suspended by the Financial Industry Regulatory Authority (FINRA) for borrowing $150,000 from a 90-year-old customer, according to his BrokerCheck record accessed on January 31, 2020.

Kerry Wills

On January 27, 2020, Kerry Wills consented to FINRA’s findings that he borrowed $150,000 from a customer, a violation of firm and FINRA rules. The loan was “memorialized with a promissory note” with a ten-year term and a 2% interest rate. Kerry Wills never told his firm about this loan, and it only came to light when the customer passed away six months after Kerry Wills borrowed the money. Kerry Wills’ alleged involvement was discovered because the customer’s will included a trust document that provided for loan forgiveness. FINRA also found that Wills accepted a gift from the same customer. The gift was around $19,500 in luxury travel. Again, Kerry Wills failed to disclose this to his member firm. FINRA has fined Kerry Wills $10,000. He will be suspended from the securities industry for six months, from February 18, 2020 to August 17, 2020. A copy of his Letter of Acceptance, Waiver, and Consent (AWC) with FINRA can be viewed here.

Over his 34-year career in the securities industry, Kerry Wills has worked for four brokerage firms. In addition to his role with First Western Securities, Inc. (CRD#: 19537) in Manhattan Beach, California, he has also worked for the following firms:

  • Morgan Stanley Smith Barney (CRD#: 149777)
  • Citigroup Global Markets Inc. (CRD#: 7059)
  • Dean Witter Reynolds Inc. (CRD#: 7556)

Kerry Wills is licensed to sell securities in California. He has passed the Series 66 – Uniform Combined State Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, Series 3 – Natural Commodity Futures Examination, and the Series 7 – General Securities Representative Examination.

If Kerry Wills 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 info@fkesq.com for your free case consultation.

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