Division of Securities drops claim against First Western

The Utah Division of Securities has dismissed its remaining securities claims against First Western Advisors, a stock brokerage and investment firm, that were being heard by an administrative law judge.

The division said last March that First Western and two current and two former brokers were part of securities fraud involving nine Utahns who invested more than $20.6 million. The division said it had filed a petition to revoke and bar licenses and impose fines against First Western and brokers Gary W. Teran, Carl A. Page, David A. Russon and Brian G. Kasteler.

Teran is the company's president, and Russon and Kasteler are former First Western brokers.

Later that month, the charges against the four men were dropped, and the division apologized for a news release it had issued related to the charges.