Marc Winters (CRD#: 4053113), a former registered representative with Wedbush Securities, Inc. (CRD#: 877) in Los Angeles, California, has been terminated from Wedbush Securities, Inc. This comes three years after he was the subject of an SEC cease and desist order, according to Marc Winters’s BrokerCheck record accessed on March 4, 2020.
On December 31, 2019, Marc Winters was terminated from Wedbush Securities, Inc. after the firm found that he exercised discretion and failed to cooperate with an internal review. This is not the first time that Marc Winters has been terminated from a firm. In 2004, UBS Financial Inc. terminated Marc Winters after the firm found that he violated firm policy on providing accurate information to customers regarding mutual fund sales.
These two terminations are not the only disclosures on Marc Winters’s BrokerCheck record. He has also been the subject of three regulatory actions—one from Illinois securities regulators, one from the National Association of Securities Dealers (the precursor to the Financial Industry Regulatory Authority), and one from the Securities and Exchange Commission (SEC).
On December 2, 2016, the Securities and Exchange issued a cease and desist order against Marc Winters. The SEC found that Marc Winters engaged in insider trading. How did this come about? In March 2011, it was announced that eBay, Inc. would acquire GSI. But in February 2011, Winters received information about this acquisition from one of his clients, who had learned of this non-public information from their friend, a GSI executive. After learning of this insider information, Winters purchased GSI stock for himself as well as two clients. He made $4,170, while his clients each made $14,000. As a result, the SEC found that he violated Section 10(b) of the Exchange Act. The SEC also imposed $36,884 in monetary penalties.
This sanction from the SEC comes six years after Marc Winters found himself in trouble with another regulatory body, the Illinois Department of State, Securities Department. On December 9, 2009, Illinois securities regulators informed Marc Winters that, upon his return to Illinois on December 19, 2009, he would be subject to heightened supervision as a registered representative.
On November 29, 2006, the National Association of Securities Dealers (NASD), the precursor to FINRA, found that Marc Winters used his firm’s electronic order system to falsely claim that some of his clients were disabled when they were not. Why would he allegedly do this? By virtue of this alleged misconduct, he was able to get deferred sales charge waivers for mutual fund redemption transactions, thus depriving mutual fund distributors of certain fees that they were due. His alleged conduct also caused his firm to maintain inaccurate books and records. NASD fined Marc Winters $19,882 and suspended him from the securities industry for 90 days, from September 21, 2009 to December 19, 2009. Marc Winters appealed this decision to the National Adjudicatory Council (NAC) but the decision is upheld. A copy of the decision can be viewed here.
Marc Winters is no longer a broker or a Registered Investment Adviser (RIA). Over his 20 years in the securities industry, he has worked for two firms. In addition to Wedbush Securities, he has also worked for UBS Financial Services. Marc Winters has passed the Series 65 – Uniform Investment Adviser Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 31 – Futures Managed Funds Examination, and the Series 7 – General Securities Representative Examination.
If Marc Winters was your broker, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation.