Clement Lancelot Chichester, of Westlake Village, a stockbroker formerly registered with Western International Securities, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into accusations of his improper handling of a customer’s money. Letter of Acceptance, Waiver and Consent, No. 2017053136101 (Oct. 5, 2017).
According to the AWC, FINRA launched an investigation into Chichester’s activities involving the handling of a Western International Securities, Inc. customer. The AWC stated that between February of 2017 to June of 2017, FINRA contacted Chichester seeking his information and documentation in reference to their investigation; however, Chichester dodged some of the regulator’s requests.
The AWC revealed that on August 11, 2017, information and documentation was again requested from Chichester by FINRA according to Rule 8210, but nothing was provided by Chichester this time around. FINRA reportedly made another attempt at procuring information from Chichester about his handling of the customer’s assets, and imposed a September 1, 2017 deadline for Chichester’s cooperation. Chichester evidently failed to cooperate, leading FINRA to find his conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that on March 4, 2004, a customer filed an investment related written complaint involving Chichester’s conduct, in which the customer sought $7,502.68 in damages based upon allegations that while Chichester was associated with VM Financial Services, Inc., he facilitated a variable annuity purchase without the customer’s authorization.
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