California Broker Consents to FINRA Bar for Refusing to Cooperate with Investigation of Involvement in Sales of Woodbridge Group of CompaniesThursday, July 16, 2020
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by Elizabeth Morrell, a former General Securities Representative and Investment Company and Variable Products Representative associated with Western International Securities, Inc. in Westlake Village, California.
According to her FINRA BrokerCheck report, Morrell obtained her FINRA registration in May 2005 and associated with Financial West Group in Reno, Nevada. She remained with the firm until June 2008. Morrell then became associated with Western International Securities, Inc. from May 2008 until February 2020 when she was discharged for allegedly selling a securities product that was not approved by the firm.
Shortly thereafter, FINRA Department of Enforcement began investigating this allegation. According to the AWC, the promissory notes related to the Woodbridge Group of Companies LLC, a real estate investment firm that executed a $1 billion scheme affecting thousands of investors nationwide.
On April 8, 2020, FINRA staff sent Morrell a request for documents and information pursuant to FINRA Rule 8210. Morrell contacted FINRA staff on June 11, 2020 to acknowledge that she received their requests and state that she would not produce the documents and information. Thus, Morrell violated FINRA Rules 8210 and 2010.
Without admitting or denying the allegations made against her, Elizabeth Morrell consented to a bar from associating with any FINRA member in any capacity.
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