In August, FINRA suspended top producing advisor, ADAM D. ESTES (CRD# 4089657), of Hilliard Lyons, Bloomington, Indiana, for 15 months, and fined Estes $15,000. Allegedly, Estes engaged in 11 private securities transactions without his firm's permission which totaled over $1.2 million between May of 2012, and March of 2014. Estes provided about $652,000 and other investors he solicited provided $577,000.
According to FINRA, these transactions involved small businesses in which Estes and others, including a firm client, invested. In the largest of the transactions, Estes invested $251,000 in a real estate business, and had a 50% ownership. In other transactions, he solicited a Hilliard Lyons' client to invest $40,000 in a business that Estes had also invested in. The other businesses included an ice cream stand, a firm that sold hazardous waste decontamination products, and healthcare emergency preparedness services.
Adam D. Estes purportedly generated over $5.25 million in annual revenue and oversaw more than $825 million in client assets in 2014. He has allegedly taken a leave of absence from Hilliard Lyons, but is expected to return in the future.
A registered representative can engage in outside business activities under FINRA rules, but must provide written notice to their firm. According to FINRA, Hilliard Lyons required employees to provide the firm with written notice of their intent to engage in any private securities transactions.
Adam D. Estes has been licensed in the securities industry for 16 years and according to FINRA’s BrokerCheck has been registered from 02/2000 - 08/2016 with:
J.J.B. HILLIARD, W.L. LYONS, LLC - BLOOMINGTON, IN
If you invested with financial advisor, Adam D. Estes formerly with Hilliard Lyons of Bloomington, Indiana, and experienced losses due to his actions or recommendations, call Soreide Law Group and speak to a lawyer at no cost regarding the possibility of recovering your investment at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.
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