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

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

Willbanks Securities Ordered to Pay Customer Over $1M on Annuity Purchase 150 150 Rex Securities Law

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.

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Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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