On June 2, 2026, Jeffrey Thomas Higgins, a former broker and investment adviser who operated Azzurra Wealth Management in Baker City, Oregon, pleaded guilty to federal investment adviser fraud. According to federal prosecutors, Higgins carried out a nearly 17-year scheme that caused more than $1.6 million in losses to at least 14 investors. Higgins also faces a parallel civil enforcement action brought by the U.S. Securities and Exchange Commission (SEC) and has been permanently barred from the securities industry by FINRA. (U.S. Attorney’s Office for the District of Oregon; SEC Litigation Release No. 26521; FINRA BrokerCheck)

Key Facts at a Glance

Alleged Scheme Spanned Nearly Two Decades

According to court filings, Higgins began defrauding clients in December 2007 while associated with Financial West Group and continued the misconduct until June 2024 while registered with Western International Securities. Prosecutors allege that Higgins convinced investors he could purchase stocks at substantial discounts, sometimes claiming prices as much as 91% below market value. Instead, he allegedly purchased shares at ordinary market prices, sold them without client authorization, and transferred the proceeds to his own bank accounts. (U.S. Attorney’s Office for the District of Oregon)

Federal authorities further allege that Higgins concealed the fraud by generating fictitious annual account statements that reflected inflated account values and fabricated gains. Meanwhile, legitimate account statements were reportedly directed to a post office box controlled by Higgins, preventing investors from discovering the true status of their accounts. (U.S. Attorney’s Office for the District of Oregon)

SEC Files Parallel Civil Enforcement Action

The SEC filed a civil enforcement action against Higgins on April 6, 2026, alleging that he misappropriated client funds and securities for personal use over an extended period. The SEC seeks permanent injunctive relief, disgorgement of allegedly ill-gotten gains, and financial penalties. The civil case proceeds independently of the criminal prosecution and could result in additional findings regarding Higgins’s conduct. (SEC Litigation Release No. 26521)

FINRA Bar and Regulatory History

Higgins entered the securities industry in 1997 and spent approximately twenty years registered with Financial West Group before joining Western International Securities in 2017. Financial West Group itself was expelled by FINRA in February 2020. (FINRA; SEC)

According to regulatory records, Western International Securities terminated Higgins on June 27, 2024, after he disclosed that he had been misappropriating client funds. FINRA subsequently sought documents and information from Higgins during its investigation. After Higgins failed to cooperate, FINRA permanently barred him from associating with any FINRA member firm in any capacity. (FINRA BrokerCheck)

FINRA records also disclose at least one customer complaint alleging misconduct, which reportedly settled for $94,211 after the customer sought approximately $210,000 in damages. (FINRA BrokerCheck)

Potential Liability for Western International Securities

Brokerage firms have a legal obligation to supervise the activities of their registered representatives. When supervisory failures permit misconduct to continue undetected or unaddressed, the firm itself may face liability for resulting investor losses.

Western International Securities employed Higgins from 2017 until his termination in 2024. Investors who suffered losses during that period may have potential claims against the firm through FINRA arbitration, regardless of Higgins’s criminal case or personal financial condition. Whether a claim exists depends on the specific facts surrounding each investor’s account and losses.

Can Investors Recover Their Losses?

A criminal conviction or guilty plea does not automatically return money to harmed investors. While restitution may ultimately be ordered in the criminal case, recovery through the court system can be limited and may take years.

For many investors, the primary recovery avenue is FINRA arbitration. Through arbitration, investors may pursue claims against brokerage firms and other responsible parties whose conduct contributed to their losses. Because FINRA imposes eligibility deadlines on certain claims, investors should act promptly to evaluate their legal options.

Frequently Asked Questions About Jeffrey Higgins

Who is Jeffrey Higgins?

Jeffrey Thomas Higgins is a former Oregon-based broker and investment adviser who operated under the name Azzurra Wealth Management and was previously registered with Financial West Group and Western International Securities.

Why did Jeffrey Higgins plead guilty?

Federal prosecutors alleged that Higgins misappropriated client assets, sold securities without authorization, transferred proceeds to his personal accounts, and concealed the activity through fabricated account statements. Higgins pleaded guilty to one count of investment adviser fraud on June 2, 2026. (U.S. Attorney’s Office for the District of Oregon)

Is Jeffrey Higgins still licensed?

No. FINRA permanently barred Higgins from the securities industry after he failed to cooperate with a FINRA investigation. (FINRA BrokerCheck)

Can investors recover losses related to Jeffrey Higgins?

Potentially. Investors may have claims through FINRA arbitration against responsible brokerage firms, including Western International Securities, depending on the circumstances of their losses and the timing of the misconduct.

Did You Invest Through Jeffrey Higgins or Azzurra Wealth Management?

If you invested with Jeffrey Higgins while he was associated with Western International Securities, Financial West Group, or Azzurra Wealth Management and experienced losses, you may have legal options available.

The securities fraud attorneys at Sonn Law Group investigate claims involving broker misconduct, unsuitable investment recommendations, unauthorized trading, misappropriation of funds, and supervisory failures by brokerage firms. Most investment loss recovery matters are handled on a contingency fee basis, meaning there is no fee unless a recovery is obtained.

Contact Sonn Law Group for a confidential consultation to discuss your potential recovery options.

Sources

(U.S. Attorney’s Office for the District of Oregon: www.justice.gov/usao-or/pr/baker-city-man-pleads-guilty-investment-fraud)

(SEC Litigation Release No. 26521: www.sec.gov/enforcement-litigation/litigation-releases/lr-26521)

(FINRA BrokerCheck: https://brokercheck.finra.org/individual/summary/2871443)