Wedbush Securities
 | |
| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | Los Angeles, California (1955) |
| Founder | Edward W. Wedbush |
| Headquarters | 1000 Wilshire Boulevard Los Angeles, CA 90017 |
Key people |
|
| Website | wedbush |
Wedbush Securities Inc. is a privately held investment firm based in Los Angeles.[1]
History
The firm was founded in 1955 by two high school friends, Edward W. Wedbush and Robert Werner, in Los Angeles, California. They each contributed $5,000 to capitalize their new company, Wedbush & Company.[2] The company was named after Wedbush because neither partner wanted a possible business failure named after them and Wedbush lost a coin toss.[3]
Wedbush opened its first office in 1957 located in the Crenshaw district of Los Angeles. Three years later, Robert Werner decided to sell his interest in the firm to Ed Wedbush.[4] In 1972, the firm began offering correspondent clearing services, providing trade execution for other brokerage firms.[5]
Legal cases
In 2011 it was ordered to pay a former bond trader $3.5 million in withheld compensation[6] for "morally reprehensible" conduct, and was ordered to pay an investor about $2.9 million after an arbitration panel decided that a customer's account had been "churned" and looted by a former Wedbush broker.[6]
On June 18, 2019, Wedbush agreed to pay nearly $8.1 million to settle charges of improper handling of "pre-released" American depositary receipts (ADRs) under investigation of the U.S. Securities and Exchange Commission (SEC). Wedbush didn't admit or deny the investigation findings but agreed to pay disgorgement of more than $4.8 million, $800,000 in prejudgment interest and a penalty of $2.4 million[7][8]
References
- ^ "Our Firm". Wedbush.
- ^ "After More Than 50 Years in the Securities Business, RSF Resident Still Dedicated to the Work He Loves." Rancho Santa Fe Review, February 19, 2009, p. 8
- ^ Hamilton, Walter. "Edward Wedbush's roof leaks, but his wallet doesn't". LA Times. Retrieved 25 October 2011.
- ^ "After More Than 50 Years in the Securities Business, RSF Resident Still Dedicated to the Work He Loves." Rancho Santa Fe Review, February 19, 2009, p. 8.
- ^ "He’s Still Smiling." Eugene Register-Guard, May 22, 1974, p. 2C.
- ^ a b Hamilton, Walter. "Wedbush, Debbie Saleh: Wedbush and ex-broker ordered to pay investor $2.9 million". latimes.com. Retrieved 2011-09-01.
- ^ Spiezio, Caroline (June 18, 2019). "Wedbush Reaches $8.1M Settlement With SEC Over American Depositary Receipts Mishap". law.com. Retrieved 2019-07-04.
- ^ "Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs". sec.gov. June 18, 2019. Retrieved 2019-07-04.
External links
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