Wendy A. Wurst – Failure to Supervise

Investment fraud lawyersWendy A. Wurst Failed to Reasonably Supervise Her Firm’s Registered Representative’s Involvement with Three Outside Businesses, Regulators Allege

Wendy A. Wurst failed to reasonably supervise one of her firm’s registered representatives and the rep’s (RK or Roger Kumar) involvement with three outside businesses that operated as unregistered broker-dealers, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC). From November 2003 to May 2014, including the relevant time period of the case, Wurst worked for PMK Securities & Research, Inc.

In addition, FINRA’s AWC alleges that Wurst made misleading and inaccurate statements concerning the aforementioned unregistered broker-dealers in connection with the opening of brokerage accounts, and made misleading statements about said unregistered BDs to corporate bond dealers

Wendy A. Wurst Suspended and Fined $50,000

Wendy A. Wurst, who entered the financial industry in 1993 as a financial operations principal, and who became a registered securities representative in 1995, failed to reasonably supervise Roger Kumar’s involvement with three outside businesses which were used to purchase securities for an unregistered proprietary trading firm through delivery-versus-payment brokerage accounts, according to the AWC.

FINRA’s AWC further alleges that Kumar instructed Wurst to open accounts in the names of the unregistered broker dealers at over 15 different corporate bond dealers.  According to the AWC, the unregistered broker dealers engaged in approximately 3,000 bond transactions worth approximately $5.8 billion, of which the unregistered broker dealers earned $4 million and Wurst received $238,982.

As a result of the aforementioned behaviors, Wendy A. Wurst violated FINRA and NASD Rules, and hence was suspended by FINRA and received a $50,000 fine.

The Peiffer Wolf Investment Rights Attorneys Often Represent Investors

The Peiffer Wolf investment rights attorneys often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investment rights attorneys at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.

Broker: Wendy A. Wurst

Status: INVESTIGATED by Peiffer Wolf.

For brokercheck report and additional info click here!

Broker: Roger Kumar

Status: INVESTIGATED by Peiffer Wolf.

For brokercheck report and additional info click here!

Peiffer Wolf (1316 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.