World Group Securities

Last updated
World Group Securities
Company type Subsidiary
Industry Financial services
Founded2001;24 years ago (2001)
Founder World Marketing Alliance
Headquarters,
Area served
United States
ProductsPurchase, sale, and brokerage of securities
Owner Aegon
Parent World Financial Group

World Group Securities (WGS) is an American broker-dealer that provides exclusive services to World Financial Group a multi-level marketing financial and insurance services company. WGS is a subsidiary of the Dutch-owned AEGON insurance Group. WGS has been involved in a number of lawsuits with state regulators alleging the selling of unsuitable products to elderly people.

Contents

History

World Group Securities was incorporated in Delaware, USA on February 6, 2001, in order to replace World Marketing Alliance Securities (WMAS) as servicing broker-dealer when AEGON bought out the book of business generated by World Marketing Alliance (WMA) and reassigned it to the newly created World Financial Group.[ citation needed ]

Business and operations

WGS is registered with the Financial Industry Regulatory Authority (FINRA) to sell securities through World Financial Group (WFG) associates in all 50 states plus Washington, D.C. and Puerto Rico under the Central Registration Depository (CRD) number 114473. [1] Its U.S. Securities and Exchange Commission (SEC) number is 8-53428. [1] WGS allows only properly licensed and registered WFG representatives to represent it.

Its registered types of business include:

  1. Broker or dealer selling corporate debt securities (for example, bonds)
  2. Broker or dealer retailing corporate stocks over-the-counter
  3. Government securities broker
  4. Mutual fund retailer, some of which are affiliated with WGS
  5. Municipal bonds broker
  6. Non-exchange member arranging for transactions in listed securities by exchange member
  7. Broker or dealer selling variable life insurance contracts or annuities, some of which are affiliated with WGS

Lawsuits

Some state securities officials, including those in Iowa, Alabama, Missouri, Utah, and Minnesota, have filed lawsuits to bar inappropriate sales practices by World Financial Group (WFG) and World Group Securities (WGS). [2] [3] In addition, a number of customers have filed private arbitration claims. [4]

References

  1. 1 2 "BrokerCheck - Find a broker, investment or financial advisor". brokercheck.finra.org.
  2. "Missouri Securities :: Mark Andrew McEwen, CRD# 4613500 : Case AP-09-28".
  3. 1 2 "Petition to Revoke License" (PDF). Archived from the original (PDF) on 2016-03-05. Retrieved 2011-03-19.
  4. 1 2 3 State Regulators Investigate World Financial for Deceptive Sales Practices :: Stock Broker Fraud Blog
  5. "Monthly Disciplinary Actions December 2004 | FINRA.org". www.finra.org.
  6. 1 2 3 4 "Bloomberg Politics - Bloomberg". Bloomberg.com. September 23, 2023.
  7. "Dutch insurer's U.S. unit draws scrutiny from regulators - The New York Times". Archived from the original on May 31, 2008.
  8. "Investor News". www.sos.mo.gov.
  9. "Missouri Securities :: World Group Securities, Inc. : Case AP-06-48".
  10. "Brokerage Firm Agrees to Sanctions for Permitting Misleading "Free Lunch" Seminars" (PDF). www.securities.state.ut.us. Archived from the original (PDF) on July 27, 2011. Retrieved 2023-03-23.
  11. "Wayback Machine" (PDF). Archived from the original (PDF) on 2010-11-13.
  12. "Stipulation and Consent Order" (PDF). Archived from the original (PDF) on 2015-09-24. Retrieved 2011-03-17.
  13. "In the matter of World Group Securities, Inc., et al" (PDF). Retrieved 2023-09-24.
  14. "ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS, PURSUANT TO SECTION 8A OF THE SECURITIES ACT" (PDF). Retrieved 2023-09-24.
  15. Another Promissory Note Ponzi? | Investor's Watchblog
  16. "SEC.gov | Edward A. Allen, David L. Olson, and A and O Investments, LLC". www.sec.gov.
  17. "Securities Fraud Blog".
  18. "World Group Investigation". Archived from the original on July 10, 2011.
  19. "SEC.gov | Kederio Ainsworth, Guillermo Haro, Jesus Gutierrez, Gabriel Paredes, and Angel Romo". www.sec.gov.
  20. "Complaint" (PDF).
  21. "SEC News Digest (Issue 2010-220; November 22, 2010)". www.sec.gov.
  22. "ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT" (PDF). Retrieved 2023-09-24.