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 discloses that in 7/2013 he was charged with felony money laundering and bank fraud in Federal Court in Grand Junction, CO. The charges were dismissed. Stevens makes the following statment on his FINRA record: “I was a victim of an email scam which claimed that I had won $6,000,000 from the United International Monetary Fund. After submitting my colorado drivers license to them, my identity was stolen and used to perpetuate a bank fraud scheme. As indicated above, all charges were dismissed with prejudice because it was found I did not engage in any criminal behavior.”
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.
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