Dead Brokerage Firm Still On The Hook For $9 Million To Former Clients
- Created: Friday, 20 January 2012 09:25
CapWest shut down in September with the fines still hanging over its balance sheet.
But its failure cast a big shadow over the Rocky Mountain investor community, which had been stung by the firm's sales of the bad private securities that led several competitors to close and almost doomed Securities America.
FINRA hopes that pursuing the matter will at least uncover some hidden assets to pay the clients.
Nonetheless, when you consider that CapWest almost settled the case for $100,000 and then couldn't come up with the money to pay even that sum, the odds aren't good.
This Website Is For Financial Professionals Only
- FINRA Announces Escalation of High-Risk Broker Program
- Board of Governors Authorizes FINRA To File Recruitment Compensation Proposal With SEC
- Are Brokers Fiduciaries, Even Though They Accept Commissions? Yes, Says Financial Advice Ethics Expert Ron Rhoades
- FINRA Considers Proposal Mandating Greater Consumer Access To BrokerCheck Through Web Links