Former Broker Patrick Egan Has Six Customer Disputes Reported on His BrokerCheck
Former Broker Patrick Egan (CRD# 2973478) most recently was registered at Western International Securities, Inc. ("Western"), in Glendora, Georgia. Egan has six customer disputes and one regulatory disclosure reported on his BroekrCheck.
For example, the regulatory disclosure alleged violations by Western and five of its registered representatives of the Best Interest Obligation under Rule 15l-1(a) of the Securities Exchange Act of 1934 ("Regulation Best Interest" or "Reg BI") in connection with their recommendations to retail customers to purchase an unrated debt security known as an L Bond. L Bonds were corporate bonds offered by GWG Holdings, Inc. ("GWG"). L Bonds were high risk, illiquid, and only suitable for customers with substantial financial resources. This dispute resulted in a final judgement, by consent, against Defendant Egan wherein he is permanently restrained and enjoined from violating, directly or indirectly, Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 (the "Exchange Act"), is liable for disgorgement of $5,490.00 representing net profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $318.66, and a civil penalty in the amount of $12,500.
Additionally, a settled customer dispute alleged misrepresentation. Another settled customer dispute alleged negligence and negligent misrepresentation.
We are a Chicago-based law firm with a national practice, representing investors nationwide in seeking to recover their investment losses. The firm continues to investigate brokerage firms and brokers who have placed elderly investors, retirees and other conservative investors in unsuitable investments.
We receive the highest rankings as attorneys for quality work and ethics. We successfully have filed numerous cases against brokerage firms that sold high-risk investments, recovering more than $50 million on behalf of victimized investors. In those cases, we allege that the investment recommendations were unsuitable for our clients based on their financial situation, needs, and investment objectives.
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