Jaime Michael Westenbarger of Grand Rapids Michigan a stockbroker formerly registered with Securities America Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $100,000.00 in damages supported by accusations of the breach of both a contract and fiduciary duty by the stockbroker in reference to real estate security and annuity transactions during the period that Westenbarger was associated with Securities America. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02305 (Aug. 3, 2020). The claim alleges that the customer’s assets had been misappropriated and that the customers were defrauded. Allegations also include negligence and violation of Michigan Uniform Securities Act.
FINRA Public Disclosure confirms that Westenbarger has been referenced in seven additional customer initiated investment related disputes concerning accusations of his improper conduct while employed by firms including Securities America and First Allied Securities. On October 6, 2020, a customer initiated investment related FINRA securities arbitration claim concerning Westenbarger’s conduct was settled for $150,000.00 in damages based upon accusations that Westenbarger persuaded the customer to buy a corporate note but engaged in unauthorized transactions with the funds. FINRA Arbitration No. 19-03015. According to the claim, there was a breach of contract and a breach of fiduciary duty. Michigan Securities Act and FINRA rules had allegedly been violated. The claim also alleges that the customer had been defrauded.
Westenbarger is also referenced in a customer initiated investment related written complaint on January 21, 2020 where the customer requested $30,636.16 in damages supported by allegations that misrepresentations had been made to them concerning an annuity purchase when Westenbarger was associated with First Allied Securities.
On July 22, 2020, another customer filed an investment related arbitration claim concerning Westenbarger’s activities in which they sought $5,000.00 in damages founded on accusations of the violation of Michigan Uniform Securities Act and violation of FINRA Rule 3240 with respect to the customer’s purchase of a real estate security and an annuity through Westenbarger at American Portfolios Financial Services Inc. FINRA Arbitration No. 20-02305.
Westenbarger has also been barred from associating with any FINRA member in any capacity based upon findings that he failed to provide information to FINRA during the period that he was investigated for allegedly borrowing funds from customers in violation of Securities America policy. Letter of Acceptance Waiver and Consent No. 2019063681501 (Oct. 8, 2019).
According to the AWC, Westenbarger was asked by FINRA to hand over documents and information in August 2019. His legal counsel pushed for an extension which was granted by FINRA. The stockbroker was expected to provide a full response to FINRA on September 13, 2019 but he did not cooperate. FINRA determined through a call with the stockbroker’s legal counsel that the stockbroker would not supplement his initial response. Westenbarger violated FINRA Rules 2010 and 8210 for hindering the investigation.
Westenbarger was discharged by Securities America on August 14, 2019.