Christopher Bennett Investigation
July 2022-Louisville, KY
According to publicly available records Christopher Bennett a currently unregistered broker who last worked for J.J.B. Hilliard, W.L. Lyons discloses a final regulatory matter resulting in a permanent bar from the industry, 10 prior customer disputes and 5 pending customer disputes.
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 7/2020 FINRA permanently barred Bennett from the industry to resolve allegations that Bennett failed to respond to provide information and documents requested by FINRA in connection with its investigation alleging that Bennett had conducted trading in a customer account without permission. The findings stated that FINRA’s investigation of Bennett expanded to include additional claims by other customers alleging similar misconduct, as well as allegations of unsuitable recommendations.
In 2/2019 without admitting or denying findings, Bennett consented to the sanctions and to the entry of findings that he exercised discretionary trading authority in the accounts of several customers, including a senior investor, without express or written authorization from the customers and without seeking or obtaining his member firm’s prior written acceptance of the accounts as discretionary. The sanctions were a 15 day suspension from FINRA and a $5,000 fine paid by Bennett individually.
In FINRA case#17-00750, a J.J.B. Hilliard, W.L. Lyons customer was awarded $445,000 in response to allegations of breach of fiduciary duty, unauthorized trading, suitability, churning, misrepresentation, omission of facts, common law negligence, fraud, failure to supervise, common law negligent supervision, respondeat superior, execution of trades in her account without authorization, allocation of assets in an unsuitable manner for her age and investment objectives without discussing risks associated and engaging in excessive trading in her accounts. Bennett paid $66,750 of the $445,000 individually.
Between 7/2017 and 5/2019, eight J.J.B. Hilliard, W.L. Lyons customers filed customer complaints alleging among other things: violations of the Securities Act of Kentucky, breach of fiduciary duty, unsuitable investment recommendations, unauthorized trading, over concentration, churning, lack of diversification, charging excessive commissions, common law fraud, omission, negligent misrepresentation, negligent supervision and exposure to significant risk. These eight cases were settled collectively for more than $1.5 million.
Between 7/2017 and 7/2019, five J.J.B. Hilliard,W.L. Lyons customers filed customer complaints alleging among other things: losses in accounts as a result of Bennett’s unsuitable investment recommendations, unauthorized trading and selling, churning, fraud, failure to supervise, excessive trading in accounts, breach of fiduciary duty, misrepresentation, violation of suitability rules and inadequate risk assessment. The alleged collective damages in these pending cases exceed $6 million.
Bennett was with J.J.B. Hilliard, W.L. Lyons from 10/1995 until 10/2018.
If you have suffered losses in an account handled by Christopher Bennett, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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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