FINRA fines World Choice Securities, general securities rep

The Financial Industry Regulatory Authority (FINRA) has settled with World Choice Securities, Inc (WCS) and Robert Kenneth Cargin, a general securities representative and principal. In November and December 2022, WCS failed to reasonably supervise the due diligence of a private real estate offering, violating FINRA Rules 3110 and 2010. From June 30, 2020, to December 2022, WCS also lacked written policies to comply with Regulation Best Interest and related FINRA rules. For these violations, WCS was censured and fined $28,000. Separately, in February 2023, Cargin executed 19 backdated approval forms for private securities transactions, creating a false impression of preapproval. He was suspended for four months and fined $5,000. WCS, a FINRA member since 1993, is headquartered in Columbus, Ohio, with 11 registered representatives and four branch offices. Cargin first registered with FINRA in 1988 and became CEO and president of WCS in October 2017.