Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 9, 2017 indicate that Utah-based brokerage firm Wilson-Davis & Company was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Wilson-Davis & Company (CRD# 3777).
Established in Utah in 1968, Wilson-Davis & Company is headquartered in Salt Lake City, Utah and registered with 36 US states and territories. James Snow Jr. is President and Chief Compliance Officer; William Walker is Vice President and Director-Secretary; Lyle Davis is Chairman of the Board and Treasurer. The firm is registered with the Securities and Exchange Commission, FINRA and two other self-regulatory organizations.
According to the firm’s BrokerCheck report, Wilson-Davis & Company was recently sanctioned by FINRA.
In April 2017 FINRA sanctioned the firm following allegations it “in 35 instances, the firm accepted and held 24 customer orders in Over-the-Counter (“OTC”) securities, traded for its own account at prices that would have satisfied the customer orders, and failed to execute or immediately thereafter execute the customer orders up to the size.and at the same price at which it traded for its own account or at a better price” and further that “In 11 of these instances, the firm also failed to execute a marketable customer order fully and promptly.” A letter of Acceptance, Waiver and Consent (No. 20140436263) signed by the firm states further: “During the review period, the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with FINRA Rule 5320. Specifically, the firm’s written supervisory procedures relied upon certain exception reports to identify potentially volatile conduct, but the exception reports failed to capture many of the violations cited in this AWC. The conduct described in this paragraph constitutes a violation of NASD Rule 3010 and FINRA Rule 2010.” The firm was censured and issued a fine of $15,000.
If you have lost money investing with Wilson-Davis & Company, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.