David Wayne Karin, of Westlake Village, California, a stockbroker registered with Western International Securities Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,220,000.00 in damages based upon allegations that Karin made misrepresentations of material fact and made unsuitable recommendations in GWG Class L corporate bonds during the time that Karin was associated with Western International Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-02652 (November 23, 2022).
In June 2022, the United States Securities & Exchange Commission filed an action against Western International Securities Inc. and five of its registered representatives of the Best Interest Obligation under Rule 15l-1(a) of the Securities Exchange Act of 1934 (“Regulation Best Interest” or “Reg BI”) in connection with their recommendations to retail customers to purchase an unrated GWG Class L corporate bonds. Case 2:22-cv-04119 (C.D. Cal. 2022).
This is not the first time that Karin has been referenced in a customer initiated investment related dispute concerning his conduct in the securities industry. FINRA Public Disclosure shows that on August 27, 2012, a customer filed an investment related complaint involving Karin’s conduct in which the customer requested $53,117.45 in damages based upon allegations that Karin made misrepresentations in connection with the sale of variable annuities when Karin was associated with Chase Investment Services Corp. The complaint was ultimately denied.
Karin was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $47,500.00 in damages based upon allegations that Karin misrepresented material facts in connection with the sale of a variable annuity during the time that Karin was associated with Chase Investment Services Corp. FINRA Arbitration No. 12-02858 (May 12, 2014).
Karin has been associated with Western International Securities Inc. in Westlake Village, California since March 30, 2012, as both a stockbroker and an investment advisor representative.
