Shortly after Wilbanks Securities was ordered by an arbitration panel to pay $1.07 million for alleged negligent supervision and sales fraud involving ING Landmark Variable Annuity, the broker-dealer was hit again with another award by another client for the same product. The annuities were sold by John Robert Stevens, who told clients that they were guaranteed 7% annualized compound return despite the fact that he did not understand the product himself. Annuities tend to be very complex securities that are not suitable for all customers. A broker must take into account a customer’s age, net worth and investment objectives and sophistication before recommending a security. If he does not, his firm can be held responsible for money losses. Wilbanks discharged Stevens in for allegedly buying non-approved secured notes for clients without the firm’s approval and for guaranteeing to a client via a non-approved email platform that there would be no losses on the notes. Stevens died in 2014. Please call our Chicago-based securities law firm today if you suffered losses with Mr. Stevens and Wilbanks Securities. You may be able to sue the firm for losses on a contingency fee basis. 312-332-4200. The call is free with no obligation.
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