WestPark Capital, Inc has agreed to pay a fine of $175,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Between at least March 2019 and the present. WestPark violated FINRA Rules 3110 and 2010, and, between June 30, 2020, and the present, willfully violated Regulation Best Interest (Reg BI), by failing to establish, maintain, and enforce a supervisory system, including written procedures. reasonably designed to achieve compliance with Reg BI’s Care Obligation and FINRA Rule 2111.

As a result, WestPark failed to reasonably supervise recommendations of GWG L Bonds to 10 retail customers that were not in the best interests of or suitable for the customers.

In addition, between at least December 2018 and the present, WestPark violated FINRA Rules 3110 and 2010, and, between June 30, 2020, and the present, willfully violated Reg BI by failing to establish and maintain a reasonable supervisory system with respect to private placement due diligence.

WestPark has agreed to a censure in addition to the fine of $175,000. The firm is also ordered to pay $345,073 in restitution plus interest, and agrees to certify that the firm has remediated the issues.

WestPark has been a FINRA member since 1996. The firm is headquartered in Los Angeles, California. It has five branch offices, and employs approximately 55 registered representatives.