Western International Securities

The SEC announced a settlement in the case against Western International Securities, Inc. and five of its brokers, who were accused of violating Regulation Best Interest (Reg BI) by selling high-risk L Bonds issued by GWG Holdings, Inc. Without admitting or denying the allegations, Western agreed to a final judgment that includes a permanent injunction against Reg BI violations, disgorgement of $34,468 in commissions and fees from post-Reg BI L Bond sales, plus prejudgment interest, and a $160,000 civil penalty. The individual brokers also agreed to similar terms, including disgorgement of their commissions, prejudgment interest, and $12,500 each in civil penalties. The settlements await court approval.