John Kevin Egan of Glendora, 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 $60,000.00 in damages based upon allegations that Egan engaged in violations of federal securities laws, made unsuitable recommendations, and made misrepresentations and omissions of material facts in connection with the sale of corporate bonds when Egan was associated with Western International Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 23-03093 (November 13, 2023).
On June 15, 2022, the United States Securities & Exchange Commission brought an action against Western International Securities, Inc., and several of its associated persons for among other things, the violation of Reg BI. United States Securities & Exchange Commission v. Western International Securities, Inc., Case 2:22-cv-04119 (C.D. Cal. June 6, 2022).
According to the SEC, between July of 2020 and April of 2021, registered representatives of Western recommended and sold approximately $13.3 million in GWG Class L Bonds to retail customers.
Western International Securities has been careful to only disclose that these arbitration claims involve “corporate bonds” rather than GWG.
FINRA Public Disclosure shows that Egan is referenced in six other customer initiated investment related disputes concerning Egan’s conduct while associated with securities broker dealers. Egan is referenced in a customer initiated FINRA securities arbitration claim, filed on February 6, 2023. In this ongoing case, the customer sought damages exceeding $5,000.00 based on allegations of misrepresentation and negligence in connection with the sale of “corporate bonds.” FINRA Arbitration No. 23-00298.
On May 12, 2023, a customer initiated investment related FINRA securities arbitration claim involving Egan’s conduct was settled for $13,166.28 in damages based upon allegations of unsuitable recommendations in corporate bonds during the time that Egan was associated with Western International Securities Inc. FINRA Arbitration No. 22-01709.
On July 5, 2023, a customer initiated investment related FINRA securities arbitration claim involving Egan’s conduct was settled for $50,678.00 in damages based upon allegations of unsuitable recommendations in corporate bonds when Egan was associated with Western International Securities Inc. FINRA Arbitration No. 22-01355.
On July 24, 2023, another customer filed an investment related FINRA securities arbitration claim requesting damages of $127,500.00. The allegations in this case, which is still pending, include breach of fiduciary duty and unsuitable recommendations in corporate bonds while Egan was associated with Western International Securities Inc. FINRA Arbitration No. 23-02051.
On August 24, 2023, an additional customer filed an investment related FINRA securities arbitration claim about Egan, citing allegations of misrepresentation. The customer requested damages estimated between $50,000 and $100,000. FINRA Arbitration No. 23-02332.
On September 29, 2023, a different customer initiated an investment related FINRA securities arbitration claim involving Egan’s conduct was settled for $26,200.00 in damages based upon allegations that Egan made unsuitable recommendations and misrepresented and omitted material facts in connection with the sale of corporate bonds while associated with Western International Securities Inc. FINRA Arbitration No. 22-01689.
Egan was associated with Western International Securities Inc., in Glendora, California, from July 22, 1996, to March 31, 2021.
