Jeffrey Higgins Named in Misappropriation Allegations

Jeffrey Higgins (CRD #: 2871443), a broker formerly registered with Western International Securities, has been barred by FINRA. This disclosure appears in his BrokerCheck record, accessed on November 1, 2024. Details regarding the dispute are provided below. 

Investor Disputes

Four pending disputes, filed from August 21 to September 16, 2024, named Jeffrey Higgins in allegations of misappropriation. One of these, filed on August 23, seeks $1 million in damages.

Another pending dispute filed on August 12, 2024, named Jeffrey Higgins in allegations of misappropriation and failure to supervise. The client seeks $240,000 in damages.

On July 9, 2024, an investor alleged that Jeffrey Higgins made an unsuitable investment recommendation. The dispute sought $134,000 but was denied by the firm.

However, investors may be able to recover their losses after a denial by pursuing FINRA arbitration.

On June 9, 2023, an investor alleged that Jeffrey Higgins recommended unsuitable investments and made misrepresentations and omissions of material fact. This dispute was settled for $94,211. 

FINRA Rule 2150

FINRA Rule 2150 forbids brokers from misusing investors’ funds.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, and financial goals. 

• Investments can be unsuitable because they are high-risk and likely to lose money.
• Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
• Securities can be quantitatively unsuitable, which means the broker executed an excessive number of trades. The number of trades increases the transaction fees, and these fees cut into the returns for the investor. 
• These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are overconcentrated in a particular stock or sector.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration to recover their losses.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s potential returns, risks, or limitations.

Bar by FINRA

On July 1, 2024, Jeffrey Higgins consented to the entry of findings that he allegedly refused to appear for on-the-record testimony and to provide information and documents in connection with a FINRA investigation.

According to a Letter of Acceptance, Waiver & Consent (AWC), FINRA was investigating allegations that Jeffrey Higgins had been misdirecting client investments and misappropriating their investments and funds.

He was permanently barred by FINRA. You can access the AWC here.

FINRA Rule 8210

FINRA Rule 8210 requires members to provide documents, information, and testimony upon request by FINRA.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Termination by Western International Securities

On June 21, 2024, Jeffrey Higgins was fired from Western International Securities while under investigation for misappropriating client investments and funds starting in 2007.

Background Information 

Jeffrey Higgins has passed the following exams:

• Series 66 Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products/ Variable Contracts Representative Examination 

He previously worked with the Western International Securities (CRD #: 39262) and Financial West Group (CRD #: 16668).

Kurta Law Can Help

If you worked with Jeffrey Higgins and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. The firm only earns a fee if our securities attorneys recover money on your behalf.