Utah Department of Commerce’s securities division has filed a petition against First Western Advisors, two of its current and two of its former brokers for securities fraud.

Among the charges is recommending unsuitable investments, giving false account information to clients and attempting to precent false client testimony to the Securities and Exchange Commission. According to Utah regulators, the brokers had their clients sign disclosure statements saying they were fully aware of their actions all along.

According to the suit, the four brokers invested more than $20 million in client money in Class B shares in order to earn higher commissions and attempted to make the clients believe they were invested in Class A shares by sending them Morningstar snapshot reports for Class A shares.

The petition also charges First Western with failing to maintain accurate books and records and not properly supervising the brokers.

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