Silver Law Group is investigating Westpark Capital broker Patrick H. Maddren over churning claims.
Maddren, who is based out of the Fort Lauderdale, Florida Westpark Capital branch was the subject of a customer complaint that settled.
In March 2016, a customer filed a FINRA arbitration alleging that Maddren failed to follow instructions, made material misrepresentations and omissions, excessively traded in order to incur commissions, made unauthorized trades and unsuitable recommendations. The FINRA arbitration settled for almost $300,000.
There are two (2) other disclosures on Maddren’s FINRA BrokerCheck of note. In 2012, Maddren incurred two (2) tax liens totaling over $300,000.
Financial strife, including tax liens, judgments, and bankruptcy seem fairly innocuous. In actuality, they should be considered red flags and are reportable disclosures for a reason. A broker’s financial issues can sometimes lead to recommending higher-commission products or churning to get more commissions. Further, if a broker is not able to handle his or her own money, how will he or she handle yours?
In the FINRA arbitration that settled for approximately $300,000, the customer alleged Maddren excessively traded in order to incur commissions. This is also known as churning.
Prior to his employment with Westpark Capital, Maddren was employed by Laidlaw & Co. (UK) Ltd. In Fort Lauderdale, Florida. Laidlaw employed Maddren from 2012 to 2017.
Contact Our Firm if You’ve Invested with Patrick Maddren and Westpark Capital or Laidlaw & Co. (UK) Ltd.
Our firm has a wealth of experience representing investors who have suffered losses at the hands of brokers and brokerage firms. We combine that experience with an ardent passion for pursuing claims against broker and brokerage firm misconduct. If you’ve incurred losses through a broker and brokerage firm, you have options to try and recover.
If you have invested with Patrick H. Maddren and Westpark Capital or Laidlaw & Co. and have suffered losses, contact our firm to discuss your options.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.