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Florida Business, Whistleblower, & Securities Lawyers / Blog / FINRA / Pacific West Securities Hit With $2.1 Million FINRA Award

Pacific West Securities Hit With $2.1 Million FINRA Award

A Financial Industry Regulatory Authority (“FINRA”) arbitration panel issued a significant Award against Pacific West Securities (“Pacific West”), a FINRA broker-dealer that previously announced it will shut down. The Award, issued March 6, awarded compensatory damages in the amount of $1.9 Million plus $200,000 in attorneys’ fees to claimants Joseph and Marilyn Lightfoot for losses they sustained in tenant-in-common (“TICs”) real estate investments.

In the Award, the FINRA panel found that Pacific West and the stockbroker failed to conduct a suitability analysis for the sale of the TICs and that the investments were, in fact, unsuitable in light of the Lightfoots’ age, overall financial position, the nature of the securities, and the timing of the specific sales. The panel further found that Pacific West and the broker made material omissions and violated the Securities Act of Washington.

In December, Tony Pizelo, Pacific West’s chief executive, announced that the firm had entered into a deal to move its brokers to Multi-Financial Securities Corp. prior to Pacific West’s expected closure this month.

Investors nationwide who have incurred recoverable investment losses due to specific failures by stockbrokers and brokerage firms, and who may have a FINRA arbitration claim, may contact the Florida securities lawyers at Rabin Kammerer Johnson for a free and confidential consultation by calling toll free at 877.915.4040.

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