Category Archives: Wilbanks Securities

Willbanks Securities Ordered to Pay Customer Over $1M on Annuity Purchase

April 2017-Salt Lake City, UT

An all public, three member FINRA arbitration panel ordered Wilbanks Securities to pay  a former customer compensatory damages of $536,720 together with a like amount of punitive damages, for a total award of nearly $1.1 million dollars.

The customer brought an action for common law fraud, breach of fiduciary duty, negligent supervision, violation of the Colorado Securities Act and other claims related to the purchase of an ING Variable Annuity.  FINRA Case 16-0226, Huitt v Wilbanks Securities, Inc.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Investors who have suffered losses due to the negligence and/or fraud of a stockbroker may be able to recover damages through FINRA arbitration, a process that is much more expedient than court based litigation. Call for details.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Will R. Freeman-Wilbanks Securities Broker-Discloses $1.4M Claim Over Loss on Aztec Oil & Gas

Oklahoma City, OK

The FINRA records of Will R. Freeman ,  a  stock broker who is currently  employed by Wilbanks Securities  disclose a pending customer dispute involving an oil and gas investment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

 

In pending FINRA arbitration 14-03350,  customers of Wilbanks Securities allege damages of $1,465,000 and that Freeman did not review the suitability of an oil and gas limited partnership with customers prior to its sale.

Aaron Wilbanks, President and CEO of Wilbanks Securities, Randy Wilbanks, its Vice President and Steven Sharpe, Chief Compliance Officer, disclose this same case (FINRA #14-0335) on their respective FINRA records, indicating that the subject oil and gas investment is Aztec Oil & Gas. See this for details.

Another Wilbanks Securities broker, John R. Stevens, is named in this arbitration and was discharged from Wilbanks Securities in April 2014. See this for details. 

Freeman has been employed by  Wilbanks Securities since 7/2006.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Wilbanks Securities Execs Named In $1.4M Arbitration Over Losses in Aztec Oil & Gas

Oklahoma City, OK

The FINRA records of Aaron B. Wilbanks, President and CEO of Wilbanks Securities  , the FINRA records of Randall L. Wilbanks, Vice President of Wilbanks Securities, and the FINRA records of Steven D. Sharpe, Chief Compliance Officer of Wilbanks Securities disclose a currently pending customer dispute in which they have each been named as ‘control persons’.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

 

In another pending FINRA arbitration 14-0335,  customers of Wilbanks Securities allege damages of $1,465,000 and allege that the Aztec Oil & Gas investment was improperly sold, with former representative John Stevens, guaranteeing the performance of the program written by William Freeman. Claimants contend that Freeman did not determine suitability of the program. Claimants contend that Steven Sharpe, Aaron Wilbanks and Randy Wilbanks are liable under CO law as control persons.

Stevens was employed by  Wilbanks Securities from 1/2006-4/2014.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

John R. Stevens-Former Wilbanks Securities Broker-Discloses Customer Disputes Alleging Damages in Excess of $2M

Grand Junction, CO

The FINRA records of John R. Stevens ,  a  stock broker who is currently not licensed and who was last employed by Wilbanks Securities  disclose   2 prior customer disputes, 3 pending customer disputes  and  termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In pending FINRA arbitration #16-0395, a customer of Wilbanks Securities alleges damages of $300,000 and that Stevens misrepresented features of variable annuity and purportedly suffered damages as a result of Steven’s misrepresentations.

In pending FINRA arbitration #16-0226, a customer of Wilbanks Securities alleges damages of $600,000 and that Stevens misconstrued the rate of return of a variable annuity sold on or about September 2008 and as a result of Steven’s purported misinformation alleges damages.

In another pending dispute,  customers of Wilbanks Securities allege damages of $1,465,000 and that Stevens misrepresented an oil and gas limited partnership investment made by customers and guaranteed them against loss without the proper licensing to sell the program.

In April 2014, Stevens was discharged by Wilbanks Securities who made the following allegation: “Representative put individuals into a non-approved secured notes investment program without notice to or approval from the firm. Representative also used non-approved email platform for securities business, with which he guaranteed client against loss”.

Stevens was employed by  Wilbanks Securities from 1/2006-4/2014.

Aaron Wilbanks, President and CEO of Wilbanks Securities, Randy Wilbanks, its Vice President and Steven Sharpe, Chief Compliance Officer, disclose FINRA #14-0335 on their respective FINRA records, indicating that the subject oil and gas investment is Aztec Oil & Gas. See this for details.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Michael B. Inderlied-Former Wilbanks Securities Broker-Discloses Customer Disputes & Terminations

August  2016-Frisco, Texas

The FINRA records of Michael B. Inderlied ,  a  stock broker who is currently not licensed and who was last employed by Adirondack Trading Group   disclose  a prior regulatory event, 2 prior customer disputes and 2 terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In November 2015, Missouri securities regulators sanctioned Inderlied and assessed him a fine of $20,000, required him to pay restitution of $17,500.

The two prior customer disputes were both resolved by monetary settlements paid to the customers.

In December 2015, Inderlied was ‘permitted to resign’ from Adirondack Trading Group following the censure by the  State of Missouri.

In January 2014, Inderlied was ‘permitted to resign’ from WIlbanks Securities who made the following allegations on FINRA records: “Rep was permitted to resign while under heightened supervision and investigation for improper recommendations to clients concerning variable annuities. The investigation revealed that rep encouraged clients to prematurely surrender variable annuities early in the surrender period for A-shares in various mutual fund shares to significant client harm. The firm followed up with every client and fully disclosed all compensation to them and all clients decided, in writing, for their investments to stand”.

Inderlied was employed by Adirondack Trading Group from 4/2015-12/2015. Prior to that he was with Investors Capital Corp. in Frisco, Texas, from 1/2014-3/2015, and before that with Wilbanks Securities from 6/2009-2/2014.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Will R. Freeman-Wilbanks Securities Broker-Discloses $1.4M Customer Dispute Over Oil Investment

August  2016-Oklahoma City, OK

The FINRA records of Will R. Freeman ,  a  stock broker who is currently employed by Wilbanks Securities, Inc.   disclose  a pending customer arbitration.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

 

In currently pending FINRA Case 14-03350,  customers of Wilbanks Securities allege damages of $1,465,000 and that Freeman did not review the suitability of an oil and gas limited partnership with them prior to its sale.

Freeman has been employed by Wilbanks Securities since 7/2006.

The FINRA Suitability Rule

FINRA Rule 2111 requires, in part, that a broker-dealer or associated person “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the [firm] or associated person to ascertain the customer’s investment profile.” In general, a customer’s investment profile would include the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs and risk tolerance. The rule also explicitly covers recommended investment strategies involving securities, including recommendations to “hold” securities. The rule, moreover, identifies the three main suitability obligations: reasonable-basis, customer-specific, and quantitative suitability.

For more on the FINRA suitability rule, follow this link. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jamie D. Pope-Former Wilbanks Securities Broker-Discloses Permanent Bar from Industry & Discharge

August  2016-Winter Park, Florida

The FINRA records of Jamie D. Pope ,  a  stock broker who has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public  discloses  a regulatory event and a termination.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Pope was permanently barred from the industry by FINRA in 11/2014 to resolve allegations that he converted customer funds provided to him for the express purposes of investing in one of Pope’s outside business activities.

Pope was discharged by Wilbanks Securities in 11/2013 for failure to disclose the investment by a client in his outside insurance business and failure to disclose a private real estate transaction with the client.

 

Pope was employed by Wilbanks Securities from 1/2011-11/2013.    Prior to that he was employed by Allegiant Securities from 5/2009-12/2010.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870