updated 4/12/2011 11:48:20 AM ET 2011-04-12T15:48:20

LOS ANGELES, April 12, 2011 (GLOBE NEWSWIRE) -- The Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com , is currently investigating claims on behalf of investors with accounts at Wedbush Securities Incorporated. A Financial Industry Regulatory Authority (FINRA) arbitration panel says Wedbush  must pay a client $233,000 in damages. The client had accused the brokerage firm of numerous causes of action, including negligence, negligent misrepresentations, and violating FINRA Rules of Fair practices.

This case isn't the first one against the broker-dealer. FINRA's broker report on the financial firm noted that Wedbush has been at the center of a number of customer complaints and over 40 regulatory inquiries brought by the Securities and Exchange Commission, FINRA (previously NASD), the NYSE Division of Enforcement, as well as regulatory bodies in Colorado, Washington, New Jersey, Georgia, Idaho, and Oregon. Among the allegations are those involving supervisory failures  and market timing. The report also noted that Wedbush had received over 40 securities arbitration claims by customers alleging unsuitability, negligence, excessive margin, churning, misrepresentation, and/or breach of fiduciary duty. Their cases involved different kinds of securities, such as mutual funds, bonds, stocks, municipal securities, annuities, and options.

Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.

CONTACT: 800-259-9010
         Kirk Smith

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