Jamie Westenbarger, Formerly of Securities America, Barred by FINRA for Borrowing Funds from Clients

Jamie Westenbarger is facing allegations that he received a $60,000 from a client.

The Sonn Law Group is investigating allegations that Erlloisse Magan committed misconduct. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

Jaime Westenbarger (CRD#:4625703) consented to being barred from the financial industry based following a FINRA investigation into his misconduct. In September 2019, Westenbarger was terminated from Securities America, Inc. for taking loans from clients. Westenbarger admitted to violating the firm’s regulations by taking the loan.

The attorney for the client stated that the $60,000 in question was supposed to be used for an investment through Forest Hills Financial rather than a personal loan to Westenbarger. Westenbarger stated he planned to use the money on a real estate deal.

Instead of spending the $60,000 on the real estate deal, Westenbarger said he instead spent it on “various different things.”

“I had to move. I had to handle a funeral. I didn’t work for months because I was trying to keep my kids safe and as happy as possible,” Westenbarger said. “And honestly, if you’ve ever lost someone close to you, um, you know, most of last summer’s kind of a blur honestly.” Westenbarger said he intends to pay all of the money back with the 6% interest he said he initially promised.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.