Former First Western Securities Representative Kerry Dean Wills Suspended for Violating Procedures
Kerry Dean Wills of Monrovia, California submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for borrowing money from a customer in violation of his employer member firm’s procedures and FINRA Rules 3240 and 2010. In November 2009, Kerry Dean Wills joined First Western Securities (First Western) as General Securities Representative. According to the FINRA findings, First Western’s written supervisory procedures strictly prohibited registered representatives from borrowing money from a customer and provided no exceptions. The FINRA findings stated that Wills provided personal care to a customer and borrowed $150,000 from her to cover expenses incurred in litigation without seeking exemption from his firms procedures. In addition, FINRA stated that Wills accepted gifts of approximately $19,500 in travel expenses from a customer and failed to disclose the trips to the Firm or report the trips on the firm’s Gifts and Gratuities log.
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