Clement Lancelot Chichester (also known as Clement Ignatius Chichester) of Westlake Village California a stockbroker formerly registered with Western International Securities Inc is referenced in a customer initiated investment related arbitration claim which was settled for $100,000.00 in damages founded on accusations that (1) misrepresentations and omissions were made to the customer concerning the terms and conditions of direct investments including direct participation program interests or limited partnership interests (2) the customer’s funds were utilized for an investment strategy that was unsuitable for the customer and (3) poor advice was provided regarding the alternative investments selected for the customer’s brokerage account during the time that Chichester was associated with Western International Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00745 (Aug. 28, 2018).
This is the first customer initiated investment related dispute concerning Chichester’s misconduct since he was barred from the securities industry by FINRA. Particularly, Chichester has been barred from associating with any FINRA member in any capacity based upon consenting to findings that during the time Chichester was subject of a FINRA investigation, he denied the regulator information and documentation in reference Chichester’s suspicious procurement of funds from a customer of Western International Securities. Letter of Acceptance Waiver and Consent No. 2017053136101 (Oct. 5, 2017).
According to the AWC, Chichester was notified by FINRA in August 2017 that FINRA needed him to provide information and documentation by August 25, 2017. Evidently, Chichester disregarded FINRA’s requests, failing to respond by the deadline. The AWC stated that a second request had been made by FINRA, due September 1, 2017, which went without any response on Chichester’s part. FINRA found Chichester’s failure to comply with FINRA’s requests to be violative of FINRA Rules 2010 and 8210.
Chichester was discharged by Western International Securities on October 5, 2017 based upon allegations of Woll refusing to cooperate with FINRA personnel and Woll being subject of FINRA’s disciplinary action resulting in him being barred.
