Western International Securities discharged Higgins on 6/21/2024 following his disclosure to his firm that he had been misappropriating client funds for personal use. He began this practice in 2007 during his tenure with is former employer, Financial West Group.
Once terminated, Western International filed a Uniform Termination Notice for Securities Industry Registration (Form U5) with FINRA to notify them of his discharge. FINRA’s National Cause and Financial Crimes Detection Programs were also notified and began its investigation. FINRA sent letters to Higgins on 6/24/2024 requesting both related documents and information and a request to appear for on-the-record testimony, which he failed to do.
FINRA then issued a letter of Acceptance, Waiver & Consent (AWC), which Higgins signed on 6/28/2024. In it, Higgins neither confirmed nor denied any of the allegations. By signing the AWC letter, Higgins agreed to the sanction of being permanently barred from any association with any FINRA member in any capacity, effective 7/1/2024.
Since Higgins’ discharge from Western International, seven customers have filed disputes. Six of these disputes are pending, and one has been denied.
- Dispute filed 9/16/2024 for “misappropriation” with requested damages of $5,000
- Dispute filed 9/11/2024 for “misappropriation” with requested damages of $5,000
- Dispute filed 8/29/2024 for “misappropriation” with requested damages of $5,000
- Dispute filed 8/23/2024 for “misappropriation of funds and portfolio mismanagement” with requested damages of $1,000,000
- Dispute filed 8/21/2024 for “misappropriation” with requested damages of $5,000
- Dispute filed 8/12/2024 for “Failure to supervise and misappropriation of funds” with requested damages of $240,000
The denied dispute was filed on 7/9/2024 with claimed damages of $134,000 and alleged an unsuitable investment recommendation.
Higgins had one other customer dispute filed on 6/9/2023 with allegations of “Unsuitable Recommendations, Misrepresentations and Omission of Material Fact.” The customer requested damages of $210,000, and the claim was settled for $94,211.00.
Did You Invest With Jeffrey Higgins?
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