UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC Admin Release 34-88347; IA Release 40-5460, March 10, 2020: The Securities and Exchange Commission ("SEC") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Bruce C. Worthington ("Worthington"). The SEC alleges that on February 21, 2019, the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts initiated the state action by filing an Administrative Complaint (the "Complaint") against Worthington. The Complaint alleged that beginning in or about September 2006 and continuing until April 2018, Worthington fraudulently misappropriated the investment funds of at least one Massachusetts investor for his own personal use and benefit. During the time of the scheme, Worthington worked as a registered representative and investment adviser representative of Commonwealth Financial Network ("CFN"), from 1999 to 2013 and Founders Financial Securities, LLC ("FFS") from 2013 to 2018. The Complaint also alleged that Worthington convinced the investor to diversify his investments in alternative investments outside his advisory account in order to perpetuate the scheme. Worthington misled the investor for years to hide his scheme. Worthington presented the investor with documents pertaining to a fictitious fixed income investment portfolio in 2008 and 2009 to convince the investor his funds had been invested in these portfolios. The Complaint alleged that from 2011 until 2013, Worthington continued to communicate with the investor in order to give him false financial information about his investments. The Complaint further alleged that from 2013 through 2017, Worthington assured the investor that his investments were safe and secure. On April 18, 2018, after the investor made multiple attempts to inquire about withdrawing funds, Worthington fabricated a document that showed a value of approximately $140,000. Worthington also informed the investor that he was having problems obtaining the investor's funds, but assured the investor that he would get the money eventually. Finally, the Complaint alleged that despite many attempts to contact Worthington to withdraw funds, the investor has been unable to get any response from Worthington since April 18, 2018. By way of the Final Order, the Commonwealth of Massachusetts issued a permanent cease-and-desist order against Worthington, and permanently barred him from associating or registering in the Commonwealth as a broker-dealer or an investment adviser, among other things. The Final Order also required an accounting of losses attributable to the wrongdoing, restitution of those losses, and disgorgement of all profits and other remuneration received from the wrongdoing. In view of the allegations made by the Division of Enforcement, the SEC deems it necessary and appropriate in the public interest that public administrative proceedings be instituted to determine whether the allegations are true and if any, remedial action is appropriate in the public interest against Worthington pursuant to Section 15(b)(6) of the Exchange Act and Section 203(f) of the Advisers Act.

Order

Bar (Permanent)

Association with a broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or NRSRO

Indefinite

10/24/2023

Customer alleging advisor made certain withdrawals from client accounts between 2006 - 2008 to invest in "structured note." Client believes advisor may have misappropriated the funds.

$100,001.00

$69,000.00

Massachusetts Securities Division

Bruce C. Worthington misappropriated the funds of at least one Massachusetts investor.

Order

Bar (Permanent)

All Capacities

Permanent

6/26/2019

Cease and Desist

Censure

Disgorgement

Restitution

FINRA

Respondent Worthington failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All capacities

Indefinite

3/11/2019

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated December 7, 2018, and January 2, 2019, respectively, on March 11, 2019, Worthington is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

Founders Financial Securities, LLC

Discharged

The firm terminated its relationship with Mr. Worthington after concerns arose about his receipt and disposition of customer funds prior to his association with Founders Financial Securities, LLC.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The SEC opened an investigation of Mr. Worthington after concerns arose about his receipt and disposition of customer funds prior to 2013.

Compromise

Foreclosure

$70,845.36

Tax

The IRS also filed the same lien in US District Court on 4/22/14 #01872WOR2456770

$210,507.98

Tax

AT THIS TIME, MR. WORTHINGTON IS IN THE PROCESS OF PAYING OFF HIS DEBT. HE HAS ENTERED INTO AN OFFICIAL PAYMENT PLAN WITH THE IRS, AND HAS BEEN PAYING ON THE DEBT SINCE JUNE OF 2012.