Securities America

There are Recent Customer Complaints with Broker Adam Anderson in Firm Securities America, INC.

September 19, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adam Anderson (Anderson), previously associated with Securities America, INC., has at least one disclosable event. These events include one customer complaint, alleging that Anderson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on February 22, 2023.

Opened accounts in March 2021 using Treasury notes & options. In January 2022, client expressed concerns about losses and long-term term treasures and concerns with advisory fees.

There are Recent Customer Complaints with Broker Michael Raineri in Firm Securities America, INC.

August 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Raineri (Raineri), previously associated with Securities America, INC., has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Raineri recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on July 01, 2024.

S-23-3545-24-CO01 – On August 26, 2024, the Securities Division entered into a Consent Order with Michael Patrick Raineri (Raineri) of Seattle, Washington. Raineri was previously an investment adviser representative at Securities America Advisors, Inc. and a securities salesperson at Securities America, Inc. The Securities Division previously entered a Statement of Charges against Raineri on July 1, 2024. The Statement of Charges alleged that Raineri engaged in dishonest and unethical practices and violated the anti-fraud provisions of the Securities Act of Washington in connection with funds that he received from an elderly client. In settling the matter, Raineri neither admitted nor denied the allegations, but agreed to cease and desist from violating the Securities Act and to denial of any future securities registration applications. Raineri further agreed to pay a fine of $20,000 and reimburse the Securities Division $5,000 for its costs of investigation. Raineri waived his right to a hearing and to judicial review of the matter.\, \, \, S-23-3545-23-SC01 – Michael Patrick Raineri -Statement of Charges\, On July 1, 2024, the Securities Division entered a Statement of Charges and Notice of Intent to Enter Order to Cease and Desist, to Deny Future Registrations, to Impose a Fine, and to Charge Costs (\\u201cStatement of Charges\\u201d) against Michael Raineri (\\u201cRespondent\\u201d) of Seattle, Washington. Raineri was previously an investment adviser representative at Securities America Advisors, Inc. and a securities salesperson at Securities America, Inc. The Statement of Charges alleges that the Respondent violated Raineri engaged in dishonest and unethical practices and the anti-fraud provisions of the Securities Act of Washington in connection with funds that he received from an elderly client. The Securities Division intends to order the Respondent to cease and desist from violating the Securities Act of Washington and gives notice of its intent to deny future registrations, impose a fine, and to charge costs. The Respondent has a right to request a hearing on the Statement of Charges.\,

There are Recent Customer Complaints with Broker Kurt Kechely in Firm Securities America, INC.

July 16, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kurt Kechely (Kechely), previously associated with Securities America, INC., has at least one disclosable event. These events include one customer complaint, alleging that Kechely recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on July 21, 2023.

It is alleged that unsuitable recommendations were made and that the Claimants could not understand the investment risks therein.

Broker Marcia Campbell in Securities America, INC. Firm Has Customer Complaint

July 16, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Marcia Campbell (Campbell), previously associated with Securities America, INC., has at least one disclosable event. These events include one customer complaint, alleging that Campbell recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on July 21, 2023.

It is alleged that unsuitable recommendations were made and that the Claimants could not understand the investment risks therein.

There are Recent Customer Complaints with Broker Alan Hofstein in Firm Securities America, INC.

July 2, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alan Hofstein (Hofstein), previously associated with Securities America, INC., has at least one disclosable event. These events include one customer complaint, alleging that Hofstein recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on October 30, 2023.

The Claimants allege that the financial professional sold them an alternative investment that was unsuitable.

There are Recent Customer Complaints with Broker Curtis Wilson in Firm Securities America, INC.

April 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Curtis Wilson (Wilson), previously associated with Securities America, INC., has at least one disclosable event. These events include one customer complaint, alleging that Wilson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $761,000.00 on June 04, 2024.

The complaint alleged that Mr. Wilson traded S&P 500 put options in this advisory account on or about September 30, 2022, that were inappropriate, unsuitable, without the proper disclosures, advice or authorizations.

There are Recent Customer Complaints with Broker Tamber Proctor in Firm Securities America, Inc.

March 16, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Tamber Proctor (Proctor), previously associated with Securities America, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Proctor recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $324,500.00 on September 30, 2024.

Two past clients are alleging inappropriate investments by the advisor during period of Covid pandemic that resulted in losses.

John Davenport Subject to Regulatory and Customer Complaints Over Sales Practices

May 4, 2020 | by Staff Attorney

According to BrokerCheck records financial advisor John Davenport (Davenport), currently employed by Liberty Partners Financial Services, LLC (Liberty Partners) has been subject to three customer complaints, one regulatory action, one employment termination for cause, one bankruptcy, and two judgement or tax liens during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaints against Davenport concern allegations over variable annuity sales practices.

In January 2019 FINRA alleged that Davenport consented to the sanctions and to findings that he placed two securities transactions for a registered representative of another firm and split the commissions generated from the transactions with that representative, without the knowledge or consent of either firm. FINRA determined that Davenport paid the registered representative from the other firm approximately $50,000 on the variable annuity transactions ostensibly as a referral fee causing his firm’s books and records to be inaccurate. FINRA further made findings that Davenport permitted his assistant to use a personal email address to communicate with securities customers concerning business-related matters, which was not approved by the firm, causing the firm to fail to retain the emails among its books and records.

Variable annuities are complex financial and insurance products. In fact, the Securities and Exchange Commission (SEC) released a publication entitled: Variable Annuities: What You Should Know encouraging investors to ask questions about the variable annuity before investing. Essentially, a variable annuity is a contract with an insurance company under which the insurer agrees to make periodic payments to you. The investor chooses the investments made in the annuity and value of your variable annuity will vary depending on the performance of the investment options chosen. The primary benefits of variable annuities are the death benefit and tax deferment of investment gains.

Advisor Jamie Westenbarger Barred by Regulator Over Borrowing Customer Funds

December 18, 2019 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Jamie Westenbarger (Westenbarger), formerly employed by Securities America, Inc. (Securities America) has been subject to at least five customer complaints, two employment termination for cause, and one regulatory action during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Westenbarger’s customer complaint alleges that Westenbarger recommended unsuitable investments in a variety of investment products including alternative investments, non-traded REITs, variable annuities, corporate notes, and UITs among other allegations of misconduct relating to the handling of their accounts.

In August 2019 Westenbarger’s employer, Securities America, discharged Westenbarger alleging that the representative was discharged for violating firm policies and procedures regarding borrowing funds from clients.

Thereafter, FINRA investigated the allegations and in October 2019 barred Westenbarger after alleging that he consented to the sanction and to the entry of findings that he failed to provide documents requested by FINRA during the course of an investigation concerning information disclosed by Securities America. FINRA found that Westenbarger intentionally provided a partial response, but did not substantially comply with all aspects of FINRA’s request.

In October 2019 a customer complained that Westenbarger violated the securities laws by alleging that Westenbarger convinced them to purchase a corporate note and instead used the funds for his own purposes, that in June 2018, Westenbarger convinced them to replace a variable annuity for no apparent reason, and that in July 2019 Westenbarger made an unauthorized purchase of a UIT, which was unsuitable. The claim alleges $212,000 in damages and is currently pending.

Advisor Bobby Coburn Barred by Regulator Over Private Securities Dealings

November 23, 2019 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Bobby Coburn (Coburn) engaged in undisclosed outside business activities (OBAs) and private securities transactions that were not approved by the brokerage firm. Coburn, formerly registered with Securities America, Inc. (Securities America) was subject to a regulatory investigation and barred form the industry according to records kept by The Financial Industry Regulatory Authority (FINRA). In addition, Coburn disclosed one employment termaintion for cause and two customer complaints.

In August 2019, FINRA alleged that Coburn accepted a bar from the financial industry, after consenting to sanctions and to the entry of findings that he refused to provide FINRA with requested information and documents. FINRA stated that Coburn’s member firm had terminated his association and stated on his Form U5 that he was involved in the solicitation of multiple clients to invest in an unapproved private securities transaction and engaged in the settlement of a related customer’s complaint without the firm’s knowledge or consent.

In March 2019 Securities America discharged Coburn and accused him of misconduct.

At this time it is unclear what the activity was that was the focus of FINRA’s investigation or the scope of Coburn’s activities. Coburn’s publicly available BrokerCheck information discloses one OBA called Born to Retire which appears to be an insurance sales business. It is unknown whether the activity investigated by FINRA involves any of these entities.