{"id":5890,"date":"2015-11-10T00:00:00","date_gmt":"2015-11-10T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/11\/finra_awards_first_united_bank"},"modified":"2022-05-17T13:51:33","modified_gmt":"2022-05-17T18:51:33","slug":"finra-awards-first-united-bank","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-awards-first-united-bank\/","title":{"rendered":"FINRA Awards First United Bank & Trust Over $11.5M in Arbitration Case Against First Horizon National Involving CODs and Other Securities"},"content":{"rendered":"

A Financial Industry Regulatory Authority arbitration panel has awarded First United Bank & Trust and First United Corp. over $11.5M in their securities fraud case against FTN Financial Securities Corp., Hugh James Boone, and Franklin Benjamin Kennedy. The bank is claiming unsuitable investments<\/a>, misrepresentations, omission, breach of fiduciary duty, failure to supervise, breach of implied contract, and common law fraud involving the claimants\u2019 purchase of preferred term securities, trust preferred securities, and other collateralized debt obligations. Two of the preferred term securities at issue are the PreTSL Notes, also known as the I-PreTSLI notes, and the PreTSL XVII.<\/p>\n

The claimants said that that purchase of the PreTSL Notes were among a number of transactions in their leverage strategy. They said that the respondents were aware that the notes had deteriorated after they were issued but did not inform the claimants. The respondents denied the claimants\u2019 allegations. Boone and Kennedy in their response said that they acted properly as financial adviser. <\/p>\n

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

A Financial Industry Regulatory Authority arbitration panel has awarded First United Bank & Trust and First United Corp. over $11.5M in their securities fraud case against FTN Financial Securities Corp., Hugh James Boone, and Franklin Benjamin Kennedy. The bank is claiming unsuitable investments, misrepresentations, omission, breach of fiduciary duty, failure to supervise, breach of implied […]<\/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":[3953,3742,3739,3776],"tags":[],"class_list":["post-5890","post","type-post","status-publish","format-standard","hentry","category-arbitration-rulings","category-collateralized-debt-obligation","category-finra","category-finra-settlements"],"yoast_head":"\nFINRA Awards First United Bank & Trust Over $11.5M in Arbitration Case Against First Horizon National Involving CODs and Other Securities — Investor Lawyers Blog — November 10, 2015<\/title>\n<meta name=\"description\" content=\"A Financial Industry Regulatory Authority arbitration panel has awarded First United Bank & Trust and First United Corp. over $11.5M in 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