World Group Securities

World Group Securities, Inc. (WGS), a member of the Dutch-owned AEGON Group, is the exclusive broker-dealer affiliate of World Financial Group (WFG).

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.

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 equity securities 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 FINRA - FINRA BrokerCheck
  2. Missouri Securities :: Mark Andrew McEwen, CRD# 4613500 : Case AP-09-28
  3. 1 2 http://www.securities.utah.gov/dockets/06007801.pdf
  4. 1 2 3 State Regulators Investigate World Financial for Deceptive Sales Practices :: Stock Broker Fraud Blog
  5. http://www.finra.org/web/groups/industry/@ip/@enf/@da/documents/disciplinaryactions/p012791.pdf
  6. 1 2 3 4 Aegon in Missouri Provokes Regulators Finding Sales Deceptions - Bloomberg
  7. Dutch insurer's U.S. unit draws scrutiny from regulators - The New York Times Archived May 31, 2008 at the Wayback Machine
  8. SOS, Missouri - Securities: News Releases
  9. Missouri Securities :: World Group Securities, Inc. : Case AP-06-48
  10. http://www.securities.state.ut.us/press/worldgroup.pdf Archived July 27, 2011 at the Wayback Machine
  11. Division of Securities
  12. http://www.securities.utah.gov/dockets/06007802.pdf
  13. http://images.edocket.azcc.gov/docketpdf/0000110449.pdf
  14. http://www.sec.gov/litigation/admin/2009/33-9035.pdf
  15. Another Promissory Note Ponzi? | Investor's Watchblog
  16. Edward A. Allen, David L. Olson, and A and O Investments, LLC
  17. Securities Fraud Blog
  18. World Group Investigation Archived July 10, 2011 at the Wayback Machine
  19. Kederio Ainsworth, Guillermo Haro, Jesus Gutierrez, Gabriel Paredes, and Angel Romo: Lit. Rel. No. 20768 / October 3, 2008
  20. Complaint
  21. SEC News Digest (Issue 2010-220; November 22, 2010)
  22. http://www.sec.gov/litigation/admin/2010/34-63354.pdf
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