May 2020-Amarillo, TX
According to publicly available records of Patrick H. Phillips, Jr. (CRD#1021928) , a stockbroker with Allstate Financial Services discloses a regulatory event and a customer dispute.
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 2003 Phillips was fined $5,000 after violating the Texas Securities Act by rendering services as an investment advisor representative in Texas at a time when he was not registered with the Securities Commissioner, as required by Section 12 of the Texas Securities Act.
In April 2017, an Allstate Financial Services customer filed FINRA case #17-00974 alleging material omissions and misleading statements and for recommending unsuitable securities. The case settled for $80,000 with a $500 contribution from Phillips personally.
Phillips has been employed with Allstate Financial Services since March 2007 and discloses an affiliation with Lighthouse Wealth Management of Amarillo, TX.
If you have questions about an account with Patrick Phillips call to speak with an experienced securities attorney.
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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