February 2018- Delray Beach, FL
According to publicly available records Christopher Hickman. (CRD#3267599) , a stockbroker who is not currently registered, and who last was employed by Cetera Advisors , disclose a regulatory event and seven 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 June of 2017 FINRA entered into an agreement with Christopher Hickman resulting in a $115,989.75 fine and a five month suspension. According to the agreement with FINRA: “Without admitting or denying the findings, Hickman consented to the sanctions and to the entry of findings that he engaged in an unsuitable pattern of short-term trading of unit investment trusts (UITs) in six customer accounts. The findings stated that Hickman repeatedly recommended that the customers purchase UITs and the sell these products within a year of purchase. The UITs that Hickman recommended had maturity dates of 24 months or longer and carried sales charges of up to 3.95%. Nevertheless, on dozens of occasions, Hickman recommended that his customers sell their UIT positions less than a year after purchase. Indeed the average holding period for the UITs purchased in these six customers’ accounts was just 136 days. In addition, on several occasions Hickman recommended that his customers use the proceeds from the short-term sale of a UIT to purchase another UIT with similar or even identical investment objectives. As a result of these transactions the six customers at issue suffered losses of approximately $115,989.75.”
Prior customer settlements include:
- FINRA Case 17-1056- In 1/2018 a customer of Cetera Advisors was paid $150,000 to resolve allegations that Hickman was negligent and allegations of elder abuse.
- FINRA Case 09-05733- filed by a customer of his former employer, Banc of America, alleged unsuitable investments and unauthorized trading. The case was settled for $75,000.
- FINRA Case 09-05493- a Banc of America Investment Services customer filed a dispute alleging that trading in the account was not suitable for the client and that misrepresentations were made regarding her investments. The case settled for $650,000.
Hickman was been employed with Cetera Advisors from 9/2009-7/2015. Hickman discloses a business affiliation with Premier Client Investments in Delray Beach, FL.
If you have losses in an account handled by Christopher Hickman, contact us to discuss your options.
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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