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Defunct Brokerage Firm CapWest Ordered to Pay $9M Award

A Financial Industry Regulatory Authority (FINRA) arbitration panel issued an Award on January 13, 2012 ordering CapWest Securities, Inc. (“CapWest”) to pay $7,925,763 in compensatory damages, plus $1,188,863 in attorney’s fees to a group of 40 investor claimants. The Award is related to losses in Provident Royalties LLC, Medical Capital Holdings, Inc. and DBSI, Inc. It is believed to be one of the single largest awards based on the sale of the failed private placements. Whether the claimants will be able to collect on the Award remains to be seen. CapWest closed its doors last year and its FINRA membership was canceled in July.

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