Sign of the Financial Industry Regulatory Authority

Marc Winters of Los Angeles California a stockbroker formerly registered with Wedbush Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Winters failed to cooperate with FINRA’s request for his information following the stockbroker’s termination from Wedbush Securities. Case No. 2019061943701 (June 23, 2020).

According to FINRA Public Disclosure, Winters had been terminated by Wedbush on December 31, 2019 founded upon allegations that Winters effected unauthorized transactions in customer accounts. According to Wedbush, Winters failed to have any written authorization from customers to permit his exercise of discretion. The securities broker dealer also alleged that Winters did not comply with its requests while under an internal investigation.

FINRA sought information from the stockbroker in 2020 but to no avail. Winters was eventually provided with a Notice of Suspension on March 20, 2020 and then a Suspension from Association letter on April 13, 2020 both of which warned that Winters could face further sanctions from FINRA if he did not request the termination of his suspension on the grounds of his cooperation with the regulator’s requests. Winters failed to comply with FINRA by the June 22, 2020 deadline which resulted in its imposition of an automatic bar of Winters in all capacities the following day.

This is not the first time that Winters has been sanctioned by a securities regulator for engaging in misconduct. He is the subject of an SEC Order to cease and desist causing violations of federal securities laws supported by accusations that Winters executed unauthorized trades of GSI Commerce Inc. securities prior to an acquisition by eBay Inc. Securities and Exchange Commission v. Marc Winters Case No. 3-17706 (Dec. 2, 2016). SEC indicated that Winters misappropriated information which enabled him to profit. SEC determined that Winters’ actions ran afoul of Securities Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5.

Winters is also the subject of an Order issued by the State of Illinois which called on him to be placed on heightened supervision as a condition of registering as a stockbroker in Illinois.

FINRA Public Disclosure also reveals that Winters is the subject of a customer initiated investment related dispute where the customer requested more than $5,000.00 in compensatory damages based upon allegations of unsuitable investment recommendations by Winters pertaining to over the counter equities when the stockbroker was employed by UBS.