fbpixel
888-840-1571

National Investment Fraud Lawyers

¿Perdió en bonos y fondos de Puerto Rico?

Former J.J.B. Hilliard, W.L. Lyons, LLC Client Wins FINRA Arbitration for $445,000 for Unsuitable and Unauthorized Trading

Posted on Thursday, March 1st, 2018 at 9:05 am    

J.J.B. Hilliard, W.L. Lyons, LLC logo

In February 2018, a former client of J.J.B. Hilliard, W.L. Lyons, LLC won an award in a FINRA arbitration for compensatory damages for $445,000 for losses sustained from unsuitable and unauthorized trades among other securities violations. The investors were clients of financial advisor Christopher Bennett (CRD# 2510231).

The causes of action included 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, and violation of Kentucky statutes, regulations, and FINRA Rules, including, without limitation, KRS 292.480; 808 KAR 10: 440, Section 1(12), (13), (18), and (22); 808 KAR 10: 440, Section 2; 808 KAR 10: 030, Section 2 and 3; and FINRA Rules 2010, 2020, 2090, 2111, 3110. The causes of action related to losses to Claimant’s qualified and non-qualified retirement accounts.

The former client alleged that Bennett executed transactions in her accounts without authorizations, allocated her assets in an unsuitable manner for her age and investment objectives without discussing the risks associated with such re-allocation, and engaged in excessive trading in her accounts. The FINRA arbitration hearing was conducted in Louisville, Kentucky.

Bennett has been registered with J.J.B. Hilliard, W.L. Lyons, LLC in Louisville, Kentucky since 1995. Bennett has been the subject of five additional customer complaints between 2016 and 2018, three of which were denied, according to his CRD report:

January 2018. “Claimant alleges breach of fiduciary duty as well as the misrepresentation and suitability of certain securities.” The customer is seeking $5 million in damages and the case is currently pending.

August 2017. “Claimant alleges that registered representative failed to properly diversify and invested in products that exposed the client’s portfolio to significant risk.” The customer is seeking $311,455 in damages and the case is currently pending.

March 2017. “Christopher Duke Bennett was named in a customer complaint that asserted the following causes of action: 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, and violation of Kentucky statutes, regulations, and FINRA Rules, including, without limitation, KRS 292.480; 808 KAR 10: 440, Section 1(12), (13), (18), and (22); 808 KAR 10: 440, Section 2; 808 KAR 10: 030, Section 2 and 3; and FINRA Rules 2010, 2020, 2090, 2111, 3110. Claimant alleged that Bennett executed transactions in her accounts without authorizations, allocated her assets in an unsuitable manner for her age and investment objectives without discussing the risks associated with such re-allocation, and engaged in excessive trading in her accounts.” The customer requested $900,000 in damages and the

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.J.B. Hilliard, W.L. Lyons, LLC may be liable for investment or other losses suffered by Bennett’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.