The Financial Industry Regulatory Authority Inc. has imposed a $10,000 fine on Kerry Wills, a registered representative with First Western Securities in Manhattan Beach, Calif., for borrowing $150,000 from a 90-year-old client. Mr. Wills violated his firm’s rules by accepting the loan, which he didn’t disclose. He also accepted gifts of three cruises and airline tickets — worth $19,500 — from the same client, whom he accompanied on the trips. He did not disclose receiving the gifts. For his infractions, Finra also suspended Mr. Wills for six months.
