Michigan Stockbroker Was Fired By Securities America

Jaime Michael Westenbarger, a former Securities America registered representative in Michigan, is currently named in three pending customer complaints accusing him of negligence and stockbroker fraud. Westenbarger, who was fired by the broker-dealer last year, has been barred by the Financial Industry Regulatory Authority (FINRA).

He worked 16 years in the securities industry. Our securities fraud lawyers at SSEK Law Firm are offering free case consultations to former customers of Jaime Westenbarger who’ve suffered significant investment losses. You may have grounds for a FINRA arbitration claim to recover damages. 

Westenbarger Has Been Named in Nine FINRA Arbitration Claims 

The most recent customer complaint naming Westenbarger was brought in August. The claimant is seeking $100K in damages and alleges investment fraud, breach of contract, negligence, breach of fiduciary duty, and violations of the Michigan Uniform Securities Act

Another FINRA arbitration case filed in June accuses Westenbarger of violating the same Act while accusing him of negligence, breach of fiduciary duty, as well as embezzlement involving a vulnerable adult.  

Last October, claimants filed a $212K investment fraud claim involving a variable annuity (VA) and the allegedly unsuitable purchase of a unit investment trust (UIT). They contend that Westenbarger persuaded them to buy a corporate note and then used the money himself. They also are saying that he engaged in a breach of contract and breach of fiduciary duty. 

Another customer dispute brought in January 2020 and alleging misrepresentations involving annuities was denied.

Michigan Regulator, FINRA Sanction Westenbarger

In March, the state of Michigan fined Jaime Westenbarger $1,500 after finding that he made misstatements related to the offering and sale of securities. Westenbarger is accused of using the claimants’ money to pay for his own personal expenses.  

The state’s sanction happened five months after FINRA instituted the bar in the wake of Westenbarger’s firing by Securities America. The broker-dealer said that he’d violated the firm’s policies and procedures related to borrowing money from clients.

Securities America is not the only brokerage firm to have terminated Jaime Westenbarger’s employment. In 2016, OneAmerica Securities fired him after he set up a corporation without letting the broker-dealer know. 

Previous investor claims involving Westenbarger that resulted in settlements include: 

  • 9/2019: This unsuitable annuity claim was settled for over $12K, which was the exact amount sought by the customer.
  • 12/2019: Also settled for over $12K, the claimant in this FINRA arbitration case alleged unsuitability involving an annuity.
  • Another annuity claim from 2018 naming Westenbarger was denied, as was a 2017 REIT fraud case. 

Other broker-dealers that Jaime Westenbarger has been registered with over the years include First Allied Securities, American Portfolio Finances, Invest Financial Corporation, and Sigma Financial Corporation. He was a Securities America broker between 2016 and 2019. 

Stockbroker Fraud Law Firm Fighting for Investors 

For 30 years, SSEK Law Firm has been protecting investors’ rights and fighting for their financial recovery from the brokerage firms and their registered representatives responsible for their losses. Our investor fraud attorneys represent claimants nationwide. 

If Jaime Westenbarger was your financial representative and you suffered losses while working with him, you may have grounds for an arbitration claim. Contact us today and receive a free case consultation.