{"id":4897,"date":"2018-02-27T12:39:37","date_gmt":"2018-02-27T18:39:37","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4897"},"modified":"2022-04-03T16:06:18","modified_gmt":"2022-04-03T21:06:18","slug":"financial-firm-news-hilliard-lyons-must-pay-445k-elderly-investor-merrill-lynch-ordered-pay-vermont-140k-broker-makes-unauthorized-changes-fsc-securities-settles-montana-regu","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/financial-firm-news-hilliard-lyons-must-pay-445k-elderly-investor-merrill-lynch-ordered-pay-vermont-140k-broker-makes-unauthorized-changes-fsc-securities-settles-montana-regu\/","title":{"rendered":"Financial Firm News: Hilliard Lyons Must Pay $445K to Elderly Investor, Merrill Lynch Ordered to Pay Vermont $140K After Broker Makes Unauthorized Changes, and FSC Securities Settles with Montana Regulators"},"content":{"rendered":"

 <\/p>\n

FINRA Panel Orders Hilliard Lyons to Pay Damages to Elderly Client<\/strong><\/h2>\n

In a Financial Industry Regulatory Authority arbitration case, Hilliard Lyons is ordered to pay 84-year-old Elizabeth Nickens $445K in damages for losses she sustained from alleged churning <\/a>and unauthorized trading<\/a>. Nickens claims that advisor Christopher Bennett made transactions without her authorization in her retirement accounts, and her assets were allocated in such a way that were not suitable for her or investment goals.<\/p>\n

Nickens, as an older investor, had a low risk tolerance and was more interested in preserving her funds. Yet, according to her attorney, more than half of her average account equity was in four stocks. She lost over $300K.<\/p>\n

Hilliard Lyons is accused of not properly supervising the trades. The firm and Bennett deny the senior financial fraud allegations.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  FINRA Panel Orders Hilliard Lyons to Pay Damages to Elderly Client In a Financial Industry Regulatory Authority arbitration case, Hilliard Lyons is ordered to pay 84-year-old Elizabeth Nickens $445K in damages for losses she sustained from alleged churning and unauthorized trading. Nickens claims that advisor Christopher Bennett made transactions without her authorization in her […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3803],"tags":[3006,2692,2667,2859],"class_list":["post-4897","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-senior-investors","tag-fsc-securities","tag-hilliard-lyons","tag-inadequate-supervision","tag-insider-trading"],"yoast_head":"\nFinancial Firm News: Hilliard Lyons Must Pay $445K to Elderly Investor, Merrill Lynch Ordered to Pay Vermont $140K After Broker Makes Unauthorized Changes, and FSC Securities Settles with Montana Regulators | SSEK Law Firm Blog<\/title>\n<meta name=\"description\" content=\"In a Financial Industry Regulatory Authority arbitration case, Hilliard Lyons is ordered to pay 84-year-old Elizabeth Nickens $445K in damages for losses she sustained from alleged churning and unauthorized trading. 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