Free Consultation | (800) 259-9010 International via WhatsApp: 713-227-2400 (text only)
Investor Lawyers BlogBroker Fraud: FINRA Arbitration Panel Awards Investor $1M After Misleading Variable Annuities Sales Pitch, Broker-Dealer Owner Gets Prison Sentence in $100M Stock-Loan Scheme, & Fugitive Broker is Arrested After 20 Years On the Run
Investor Awarded Over $1M After Allegedly Misleading Sales Pitch by Wilbank Securities Broker
A Financial Industry Regulatory Authority panel has awarded investor Grace S. Huitt over $1 million in her broker fraud claim against Wilbanks Securities. According to Huitt, one of the firm’s brokers presented her with a sales pitch about the ING Landmark Variable Annuity that not only was misleading but also promised too much and then under-delivered. She alleged breach of contract, fraud, breach of fiduciary duty, and negligent supervision.
Huitt claims that when she bought the variable annuity in 2008, she was told that it came with a guaranteed 7% compound yearly return. Other investors who also had made investment puchases through Wilbanks Securities reportedly claimed similar problems with what they were promised.