Pacific West Securities, an independent broker-dealer with about 290 registered representatives and financial advisers is shutting down due to lower revenues and increasing costs. The Broker-Dealer informed its brokers yesterday afternoon of the closing. It is believed the majority of the brokers will be moving to Multi-Financial Securities Corp.
As a result of the market and credit crisis in late 2007 and most of 2008, many independent broker-dealers have gone out of business or have been sold…many due to investor lawsuits surrounding the sale of private placements, limited partnerships and other high-risk, illiquid investments…many of which involved Medical Capital Holdings Inc. notes, Provident Royalties LLC preferred stock, and real estate notes issued by DBSI Inc.
The attorneys at Colling Gilbert Wright and Carter are actively investigating and litigating investor claims for losses resulting from unsuitable private placements, TICs, limited partnerships and income funds. If you have lost money in any of these products, please contact our office for a free case evaluation. Thank you.