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Zamansky LLC Investigates Wedbush Securities Over Bond Losses Due To Investment Fraud

January 9, 2023 Investigations

The law firm is investigating losses suffered by customers of Wedbush Securities from defaulted bonds due to investment fraud.   On November 2, 2022, the Financial Industry Regulatory Authority (FINRA), in a regulatory proceeding against Wedbush Securities, found that, from January 2013 to December 2018, it sent account statements to 610 customers which negligently misrepresented that certain corporate and municipal bonds were making their interest and principal payments when, in fact, the bond was in default.   FINRA found that Wedbush Securities knew of its problem in 2016 but failed correct the inaccuracies and fined Wedbush Securities $850,000 in penalties.

The law firm is investigating potential claims for investment fraud by Wedbush customers that this lack of accurate reporting on the bond’s status led investors to hold bonds as their financial condition worsened and incur losses that could have been avoided.   

If you have investment fraud losses from defaulted bonds, please call investment fraud attorney Jake Zamansky at (212) 742-1414 or email jake@zamansky.com for a free evaluation of your potential legal rights.

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