Edward Wedbush
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Edward W. Wedbush founded Wedbush Securities, a financial services and investment firm, in 1955 with a colleague, Robert Werner. Wedbush served as the CEO and president of Wedbush for 63 years.[1] He died on January 5, 2020 at the age of 87. [2] He stepped down as president of Wedbush Securities in 2018. The company had recently been accused of a number of irregularities.[3] Wedbush was the recipient of the Lifetime Achievement in Entrepreneurship Award from the University of Cincinnati (2010) as well as the Ernst & Young’s Entrepreneur of the Year Award, Greater Los Angeles (2006). He was honored as one of the University of California, Los Angeles’ “100 Inspirational Alumni” (2011) and one the “Most Admired CEOs” by the Los Angeles Business Journal (2010).[4] In 2010, Time Magazine labeled Wedbush the "Cheapest Man Alive," citing his thrifty ways.[5][6] Background[edit]Ed Wedbush served as the chairman of the board of Wedbush, Inc. and was a founding member of the board of the Fink Center for Finance and investments at the University of California, Los Angeles. He was a board member of the University of Cincinnati Foundation and served as chairman of the Board of the Pacific Stock Exchange (1976-1978). He was also a director of the National Securities Clearing Corporation (1979-1982), a board member of the Great American Bank (1987-1992), and chairman of the NYSE Regional Firms Advisory Committee (1987-1988). He was a member of the Securities Industry and Financial Markets Association (formerly Securities Industry Association) as well as the Regional Firms Committee (1985-1995) and its board of directors (1988-1990). In 2016, Wedbush was fined $50,000 by FINRA and suspended for 31 days "for allegedly failing to supervise mandated regulatory filings, according to a decision from the regulator made Aug. 12."[7][8][9] In March of 2018, the SEC filed a lawsuit alleging Wedbush Securities had not properly investigated warning signs that a broker was pushing clients to invest in a pump-and-dump scheme. The agency called Wedbush a “recidivist” for its history of recent problems. In February, the firm agreed to pay $1 million to settle another SEC suit in which the agency alleged Wedbush had significantly underestimated the amount of cash it needed to hold in an account to pay customers if the firm collapsed. Education[edit]Wedbush received his MBA from UCLA Anderson School of Management in 1957, continuing his studies toward a Ph.D. while teaching part-time at UCLA and growing his brokerage business.[10][11] Registration[edit]
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