LOS ANGELES, March 13, 2019 — Wedbush Securities Inc. (the “Firm”) today made the following statement regarding its resolution of an administrative proceeding with the Securities and Exchange Commission (the “SEC”).
Wedbush Securities is pleased to have resolved this administrative proceeding brought by the SEC. This matter stemmed from conduct relating to the supervision of one former registered representative prior to October, 2014. As recognized by the SEC in the Administrative Order, the Firm has taken a number of steps to address the supervisory issues identified as a result of this matter.
A considerable investment has been made by the Firm in supervisory systems and professionals, as well as in overall improvements to our compliance infrastructure. The result of this investment is one of many upgrades to our Private Wealth Management platform enabling Wedbush Financial Advisors to deliver continued improvements in client service.
“The Firm takes very seriously its responsibility to supervise our Financial Advisors and we are appreciative of the SEC in helping us identify insufficiencies in our detection and reporting procedures and systems. We are confident these issues are fully rectified,” state Co-Presidents Rich Jablonski and Gary Wedbush.
SOURCE Wedbush Securities