Investor Alert! The Financial Industry Regulatory Authority (FINRA) shows troubling information in regard to securities broker and financial advisor Christopher Duke Bennett [CRD#: 2510231, Louisville, Kentucky]. Namely, 15 clients took issue with the securities broker, who worked for Hilliard Lyons between 1995 and 2018. Also, FINRA issued a suspension and a fine to him for discretionary trading. In sum, these disclosures suggest that Bennett made unsuitable, unauthorized and excessive trades causing losses to his clients. Check out these allegations against Bennett.
Christopher Bennett Allegedly Makes Unauthorized Trades In Hilliard Lyons Client’s Account
Notably, a client of Hilliard Lyons contested Christopher Bennett’s securities recommendations or sales through bringing a complaint dated January 6, 2019. Allegedly, Bennett traded equities and UITs without authorization in this client’s account. The client contended that the securities broker traded on an unsuitable basis and failed to diversify the client’s account too. Moreover, Bennett purportedly churned the client’s account, trading primarily to generate commissions from the client. As a result, Hilliard Lyons agreed to resolve the matter on July 24, 2019 through paying the client a total of $150,000.
Hilliard Lyons Client Suggests That Bennett Provided Unsuitable Investment Advice
Apparently, on July 8, 2019, a Hilliard Lyons client filed FINRA Arbitration #: 19-01693 about Christopher Bennett. Namely, the client contended that Bennett recommended unreasonable investments. Allegedly, Bennett advised the client to purchase or sell equities and stocks in a manner that was inconsistent with the client’s goals, risk tolerance or other criteria relating to suitability. Not only that, but the client indicated that the securities broker also churned or excessively traded to maximize commissions. Supposedly, Bennett deceived the client and traded without authorization too. Further, Hilliard Lyons failed to oversee the securities broker’s recommendations. Consequently, the client incurred losses on common or preferred stocks and over the counter equities. For this reason, the client seeks $65,000 from Hilliard Lyons or Bennett. Evidently, this arbitration is pending a resolution.
Christopher Bennett Allegedly Breaches Fiduciary Duty
Notably, a client of Hilliard Lyons contested Christopher Bennett’s securities recommendations or sales through bringing FINRA Arbitration #: 19-01378 on February 27, 2019. Notably, the client indicated that Bennett failed to comply with the Securities Act of Kentucky. It appears that Bennett breached a fiduciary duty, placing his interests ahead of the client’s interests. Also, the client alleged that the securities broker made unsuitable recommendations regarding OTC equities and penny stocks. Supposedly, these investments conflicted with the client’s investment profile and caused the client to experience losses. As a result, Hilliard Lyons agreed to resolve the matter on June 9, 2019 through paying the client a total of $67,000.
Hilliard Lyons Investors Indicate That Christopher Bennett Made Excessive Trades
Apparently, on May 7, 2019, a Hilliard Lyons client filed FINRA Arbitration #: 19-01207 concerning Christopher Bennett. Mainly, the client contended that Bennett made excessive stock trades in the client’s account. It appears that some of those stock trades were unauthorized. Moreover, this client suggested that Bennett’s transactions were unreasonable or unsuitable. Because of this, the client asked for $900,000 in compensation from Hilliard Lyons or Bennett. Evidently, this arbitration is pending a resolution.
FINRA Suspends, Fines Christopher Bennett
Notably, on February 1, 2019, FINRA issued Acceptance, Waiver and Consent #: 2017054060301 sanctioning Christopher Bennett for infractions. Specifically, the financial industry watchdog suspended him and assessed a fine as part of resolving allegations of his violations of FINRA and NASD Rules on discretionary trading. It appears that Bennett did not get four clients’ written authorizations or Hilliard Lyons’ permission to make seventy-five trades. Evidently, Bennett’s suspension was effective between February 4, 2019 and February 25, 2019.
Did Bennett Sell You Bad Investments?
Have you experienced losses by investing with Christopher Bennett? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Bennett.