In the Matter of Wedbush Securities, Inc.

Exchange Act Release No. 85309 (2019)

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In the Matter of Wedbush Securities, Inc.

United States Securities and Exchange Commission
Exchange Act Release No. 85309 (2019)

Facts

Timary Delorme, a registered representative associated with a broker-dealer, Wedbush Securities, Inc. (Wedbush) (defendant), was involved in a penny-stock manipulation scheme. Delorme’s supervisors at Wedbush were alerted to Delorme’s securities fraud via emails, customer-arbitration complaints, and inquiries made by the Financial Industry Regulatory Authority (FINRA). Despite receiving these red-flag warnings, Wedbush continued to allow Delorme to make securities trades for customers. The Securities and Exchange Commission (SEC) commenced an agency proceeding against Wedbush, accusing Wedbush of failing to supervise Delorme properly and failing to conduct a thorough investigation into Delorme’s wrongdoing.

Rule of Law

Issue

Holding and Reasoning ()

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