Articles Posted in Western International Securities

The Financial Industry Regulatory Authority (“FINRA”) has barred compliance officer Corey White from the securities industry and fined him $20,000.  Mr. White was expelled from the brokerage industry for supervisory failures during his tenure as a compliance officer for Financial West Group in Westlake Village, CA, from January 2013 to July 2017.  Among other things, Mr. White was accused of failing to respond to red flags that indicated brokers were excessively trading customer’s accounts.  FINRA previously barred Financial West Group from the securities industry in February 2020.

Mr. White left Financial West Group in August 2017 to become a compliance officer at Western International Securities, Inc. in Pasadena, CA.

Financial West Group and Western International Securities Inc. seem to be cut from the same cloth.  Earlier this month, FINRA filed a disciplinary proceeding complaint against former Western International Securities broker Megurditch Patatian (aka Mike Patatian), alleging that he unsuitably recommended illiquid REITs to 59 customers.  Mr. Patatian worked out of the firms’ branch office in Westlake Village, CA.  You can read more about the charges here:

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including:

  • making 81 unsuitable recommendations to purchase over $7.8 million in non-traded Real Estate Investment Trusts (REITs) to 59 customers, including 21 senior investors;
  • recommending illiquid non-traded REIT to six customers that also needed liquidity;
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