The Securities and Exchange Commission has filed a civil injunctive action against former broker Christopher Booth Kennedy for securities law violations that resulted in millions of dollars of losses for his former brokerage customers. Booth agreed to pay more than $2.1 million to settle the charges.
According to the SEC's complaint, between February 2021 and July 2021, Kennedy, who worked as a registered representative at Western International Securities Inc., "made false and misleading statements to his customers regarding the value and success of his trading strategy."
The SEC alleges that Kennedy's fraudulent conduct included sending one customer falsified account statements that grossly overstated the value of the customer's account.
Western International has about $2.7 billion in regulatory assets under management and is based in Pasadena, California, according to its latest Form ADV.
