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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Broker faces Montana charges

Montana officials have accused Spokane stockbroker Richard H. Westerman of making about 155 unauthorized trades in a four-year span to earn $16,331 in commissions from a Missoula, Mont., client.

The busy buying and selling within the Missoula investor’s Individual Retirement Account — which had an average value of about $37,907 — raised warning flags at Westerman’s employer, Raymond James Financial Services.

Roberta Cross Guns, a special Montana assistant attorney general, alleged in the regulatory complaint that Westerman mismanaged the account, made unsuitable recommendations, made trades without authorization and engaged in fraud by omitting factual information.

William Hyslop, an attorney representing Westerman, said the civil allegations would be strongly contested.

Westerman, who had been employed with Raymond James from 1998 to 2007, is no longer affiliated with the investment firm.

Raymond James no longer lists an office location or representative in Spokane. The firm faces civil charges related to the allegations against Westerman, including failing to reasonably supervise the Spokane investment advisor and withholding information.

Westerman has been hired as a financial consultant by AIG Financial Advisors Inc. in Spokane, which is associated with Willamette Financial Group.