{"id":5141,"date":"2011-04-29T00:00:00","date_gmt":"2011-04-29T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/04\/lincoln_financial_corp_ordered"},"modified":"2022-04-04T13:14:35","modified_gmt":"2022-04-04T18:14:35","slug":"lincoln-financial-corp-ordered","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lincoln-financial-corp-ordered\/","title":{"rendered":"Lincoln Financial Advisors Corp. Ordered by FINRA to Pay Wright Family Trust $1.6M"},"content":{"rendered":"

A Financial Industry Regulatory Authority arbitration panel says that Lincoln Financial Advisors Corporation must pay the Wright Family Trust $1.6M over securities claims related to investments that were made in a number of funds. Andrew and Blenda Wright, the claimants, alleged fraud, negligent misrepresentation, intentional misrepresentation, breach of fiduciary duty<\/a>, failure to supervise, elder abuse, unauthorized and unsuitable transactions, and breach of contract. Other respondents named in the claim are Rollance Vekennis and John Marshall.<\/p>\n

The claims are related to the investments made in:<\/strong>
\n\u2022 Rye Select Broad Market Fund, which is a Bernard L. Madoff Investment Services LLC feeder fund
\n\u2022 Johnston Asset Management International Equity Fund
\n\u2022 Mount Yale Large Cap Growth Fund
\n\u2022 Mount Yale Mid Cap Growth Qualified Fund
\n\u2022 Mount Yale Large Cap Value Qualified Fund
\n\u2022 Mount Yale Small Cap Qualified Fund
\n\u2022 Kinetics Advisers Institutional Partners Fund<\/p>\n

The claimants had sought $1.5 million in compensatory damages.<\/p>\n

The FINRA panel has ordered the respondents to pay $1.17 million in compensatory damages, including 10% annual interest between the date of the award and the time it is paid. Lincoln Financial must also pay another $590,000 in compensatory damages (also with 10% yearly interest until paid), the $600 initial filing fee, $22,800 in hearing session fees, and $8,550 in member fees.<\/p>\n

Related Web Resources:<\/strong><\/p>\n

FINRA<\/a><\/p>\n

More Blog Posts:<\/strong>
\nSEC Approves FINRA\u2019s Proposal to Give Investors an All-Public Arbitration Panel Option<\/a>, Stockbroker Fraud Blog, February 12, 2011<\/p>\n

Linsco Private Ledger Clients File FINRA Arbitration Claims Accusing Former Financial Adviser Raymond Londo of Running Multi-Million Dollar Ponzi Scam<\/a>, Stockbroker Fraud Blog, April 13, 2010<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A Financial Industry Regulatory Authority arbitration panel says that Lincoln Financial Advisors Corporation must pay the Wright Family Trust $1.6M over securities claims related to investments that were made in a number of funds. Andrew and Blenda Wright, the claimants, alleged fraud, negligent misrepresentation, intentional misrepresentation, breach of fiduciary duty, failure to supervise, elder abuse, […]<\/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":[3752,3990],"tags":[],"class_list":["post-5141","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lincoln-financial-advisors"],"yoast_head":"\nLincoln Financial Advisors Corp. 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