FINRA Hits J.J.B. Hilliard, W.L. Lyons, LLC with $184K Award
An arbitration panel in Columbus, Ohio, of the Financial Regulatory Authority (FINRA) ruled in November 2012, that J.J.B. Hilliard, W.L. Lyons LLC (Hilliard) must pay an investor over $184,000 in losses and attorneys fees & costs. In addition, the panel ruled that Hilliard was also liable for FINRA hearing session fees of $9,000.
The customer in this case claimed that the investment strategy employed by Hilliard was unsuitable and out of line for her investment objectives.
Stock brokers have a duty to make suitable recommendations to investors, after taking into account the age, health, level of financial sophistication and liquid net worth of the individual.
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