According to a recent InvestmentNews article, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded an investor, Grace Huitt, more than $1 million because of her investments with a Wilbanks Securities broker. Ms. Huitt alleged breach of contract, negligent supervision, breach of fiduciary duty and fraud, relating to her ING Landmark Variable Annuity. She alleged her broker made misleading statements and sales pitches about a variable annuity. Her broker allegedly promised her a guaranteed 7% compounded annual return, but she did not collect that. Variable annuity investments tend to be high-risk, illiquid investments that are not suitable for every individual, especially elderly ones. They also can be confusing for an unsophisticated investor. A broker has a duty to only recommend those investments that are suitable for an investor, by taking into account the client’s age, net worth, investment objectives and investment sophistication. If he does not, his investment firm can be held liable for losses. Please call our Chicago-based securities law firm today if you suffered losses with Wilbanks Securities. We may be able to help you bring legal recourse against the firm on a contingency fee basis.
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