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WestPark Capital

Kurta Law is investigating recommendations by brokers from WestPark Capital (CRD#: 39914). Investors should know that some brokers associated with this firm have allegations of misconduct on their records. WestPark Capital is located in Los Angeles, California.

WestPark Capital has done business under 11 names, including:

Coast Capital Wealth Management
Quiver Financial
Pacific Crest Financial
Meyers Financial Group
Mason Financial Partners
Harvard Funding Group
Forethought Financial
Dukes Wealth Management
Diligent Financial Group
Diligent Financial

Fees and Conflicts of Interest

WestPark Capital offers broker-dealer and investment advisory services, and discloses the fees and conflicts of interest associated with both types of business in its Customer Relationship Summary (Form CRS):

Brokerage accounts charge transaction-based fees, and advisory accounts charge asset-based management fees. Investors may pay more in commissions in their brokerage or direct investment account as compared to the fees paid in advisory accounts.
The firm charges a minimum $65 commission on all transactions where it acts as an agent.
Brokerage clients may be able to lower their sales charges based on the assets they hold with certain sponsors of mutual funds, variable annuities, and alternative investments.
Investors who opt into third-party management services will also be charged consulting fees and additional costs that are not paid to WestPark Capital.
WestPark Capital receives upfront and trailing commissions on sales of mutual funds, as well as commissions and fees from sales of private placements, initial public offerings (IPOs), and secondary offerings.
The firm is paid higher commissions and other compensation when it recommends private placements in which it acts as the managing broker-dealer.
Some WestPark Capital investment advisers may also be licensed to sell insurance products.

Broker-Dealer Services

WestPark Capital offers stocks, bonds, and the following investment products. Investors should keep in mind that these investments can be high-risk and unsuitable for many retail investors.

Regulatory Actions

WestPark Capital’s detailed BrokerCheck record reveals several censures and fines by FINRA.

2023 FINRA Censure

In a Letter of Acceptance, Waiver & Consent (AWC) filed on December 22, 2023, WestPark Capital consented to the entry of findings that it allegedly violated FINRA Rules and federal securities laws in the following ways:

Failing to implement an adequate anti-money laundering (AML) program and identify and investigate suspicious activity
Appointing an unregistered analyst as its primary contact between the firm and three high-risk investment banking clients
Inducing holders of promissory notes to sign agreement not to accept offers of rescission in advance of the filing of an AWC required the firm to make offers of rescission to the noteholders
Failing to establish a supervisory system designed to achieve compliance with Section 5 of the Securities Act of 1933 and FINRA Rules regarding suitability, best execution, self-supervision, and markups and markdowns

The firm consented to censure by FINRA, a $475,000 fine, restitution of $218,160.36 plus interest, and an undertaking to remediate the supervisory issues identified in the AWC. You can read the full AWC here.

2021 FINRA Censure

On November 22, 2021, WestPark Capital consented to the entry of findings that it allegedly raised $3.9 million selling 33 promissory notes issued by its parent company, WPCFS. The firm allegedly made negligent misrepresentations and omissions of material facts to buyers and failed to reasonably supervise the brokers soliciting investments in these offerings.

FINRA censured the firm and ordered WestPark Capital to pay a $250,000 fine, to extend an offer of rescission to the holders of 19 promissory notes, and to review its supervisory procedures to achieve compliance with FINRA Rules. You can access the full AWC here.

Brokers with Misconduct Allegations on Their Records

Kurta Law is aware of the following current or former brokers associated with WestPark Capital with disclosures on their BrokerCheck records. This is not an exhaustive list, and investors with concerns about their broker should contact a securities broker.

Thomas Jandt: https://www.kurtalawfirm.com/blog/thomas-jandt/
Christopher Dukes: https://www.kurtalawfirm.com/blog/christopher-dukes/
Kim Kunz: https://www.kurtalawfirm.com/blog/kim-kunz/
Justin Singletary: https://www.kurtalawfirm.com/blog/justin-singletary/
Douglas Kaiser: https://www.kurtalawfirm.com/blog/douglas-kaiser/
Richard Rappaport: https://www.kurtalawfirm.com/blog/richard-rappaport/
Adam Brown: https://www.kurtalawfirm.com/blog/adam-brown/

Kurta Law Can Help

Investors who lost money working with a WestPark Capital broker or advisor should reach out to an investment fraud lawyer for help. Our attorneys offer free case evaluations and do not charge a fee unless we win your case. Call (877) 600-0098 or email info@kurtalawfirm.com.