FINRA Arbitration Filed Against Western International Securities for Investment Losses

June 28, 2017 - PRLog -- The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of a Maryland family alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that Western International Securities unsuitably over-concentrated the investors in gold and other precious metals causing substantial losses.

The claim seeks damages between $100,000 and $499,999.

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.  It is alleged that Western International Securities failed to perform the necessary due diligence on these investments prior to recommending them to this particular investor.

It is further alleged that the financial advisor that handled the accounts at issue is Dawn Bennett. According to the Financial Industry Regulatory Authority, Dawn Bennett is the broker of record for thirteen customer disputes dating back to February 2013.

Additionally, Bennett and her firm, The Bennett Group have been charged with fraud by the SEC. The SEC has alleged that Bennett and The Bennett Group made material misstatements and omissions regarding assets that were purportedly "managed" for investors and regarding investment returns for the purpose of retaining existing customers and attracting new customers.

"We believe there are many more victims of Dawn Bennett in Maryland who don't realize they have recourse, or may be unaware of any wrongdoing," said D. Daxton White, managing partner of The White Law Group, a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

"Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Bennett violated FINRA rules and her employers failed to adequately supervise her, these firms can be held responsible for any resulting losses in a FINRA arbitration claim. We will continue to investigate the liability that Bennett's former employers may have for losses sustained by her clients."

FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional.  It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court.

For more information on the claim filed by The White Law Group, please contact the firm's Chicago office at 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit http://www.whitesecuritieslaw.com.