World Group Securities (WGS) is the broker-dealer affiliate of World Financial Group (WFG)
- World Group Securities (WGS) had incurred ten regulatory penalties since 2004
- WGS and one of its brokers were fined $150,000 in 2006 by Missouri’s commissioner of securities for selling unsuitable products to elderly people
- WGS was fined $50,000 in 2004 for failing to supervise its representatives in the State of Utah, who were misrepresenting their credentials and services rendered during free lunch seminars targeting seniors
- WGS was fined over $850,000 in 2010 as the result of the unauthorized sale of private securities by some of its agents in the State of Arizona
- in 2010 the SEC ordered WGS to pay, among other things, a civil monetary penalty in the amount of $200,000 for the fraudulent selling of unsuitable securities in the State of California, which were funded using home equity, derived from the refinance of the customers’ homes into subprime mortgages