According to an article in InvestmentNews, Christopher Bennett, a broker with Hilliard Lyons, is being forced to pay $445,000 in compensatory damages to a client. A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded this to the client after she accused Bennett of breach of fiduciary duty, unauthorized trading, suitability, churning, misrepresentation, omission of facts, common law negligence, fraud, failure to supervise, common law negligent supervision and violation of Kentucky statutes, regulations and FINRA rules. The causes of action related to losses to the client’s qualified and non-qualified retirement accounts. She alleged that Mr. Bennett executed transactions in her accounts without authorization, allocated her assets in an unsuitable manner for someone her age and with her investment objectives without discussing the risk associated with such re-allocation, and engaged in excessive trading in her accounts. These are all against securities laws and internal firm rules and regulations.
Christopher Duke Bennett is currently registered with J.J.B. Hilliard, W.L. Lyons in Louisville, Kentucky, and has been since December 1995. He has six customer disputes against him, three of which are currently pending.
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