Douglas Fulton Kaiser (also known as Doug Kaiser), of Boca Raton, FL, a stockbroker registered with Westpark Capital Inc., has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Kaiser failed to supervise certain registered representatives. Letter of Acceptance, Waiver, and Consent No. 2020066903601 (November 11, 2022).
According to the AWC, during the time that he was registered with WestPark, Kaiser failed to supervise the securities broker dealer’s markdowns and markups for U.S. Treasury securities transactions. FINRA states that as WestPark’s supervisor of fixed-income trading, Kaiser was responsible for reviewing markups and markdowns on fixed-income transactions. Due to Kaiser’s failure to supervise, eight customers were overcharged. Therefore, Kaiser violated FINRA Rules 2010 and 3110.
This is not the first time that Kaiser has been the subject of a regulatory action concerning Kaiser’s conduct in the securities industry. FINRA Public Disclosure shows that Kaiser has been fined $30,000.00 and suspended for one year from associating with any FINRA member in any capacity because Kaiser facilitated a deceptive commission recapture arrangement between a customer and his firm. Decision and Order of Offer of Settlement No. 2009016158501 (June 1, 2011).
Kaiser was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $50,000.00 in damages based upon allegations that Kaiser was negligent, breached his fiduciary duties, made unsuitable recommendations, and failed to supervise certain registered representatives in connection with the sale of private placements and convertible notes when Kaiser was associated with Westpark Capital Inc. FINRA Arbitration No. 16-00977 (July 15, 2017).
Kaiser has been associated with Westpark Capital Inc. in Boca Raton, FL, as a stockbroker since March 26, 2010.
