Violation Tracker Individual Record

Company: 
Westpark Capital, Inc.
Penalty: 
$400,000
Year: 
2010
Date: 
May 6, 2010
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

The Financial Industry Regulatory Authority ordered Los Angeles-based Westpark Capital, Inc. to pay a total of $400,000 for supervisory system failures, and has suspended two officers for failing to supervise brokers in two branches who churned customer accounts and engaged in unauthorized and unsuitable trading in multiple accounts. The monetary sanction included a $100,000 fine and $300,000 in restitution to affected customers.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.