The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Aaron Wilbanks. According to his publicly available FINRA BrokerCheck report, Aaron Wilbanks has been the subject of a customer dispute.
Aaron Wilbanks was an Oklahoma based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with four different securities firms. He is not currently working as a registered securities broker in any fashion.
His Registrations
- Metropolitan Life Insurance Company (1989-1996)
- MetLife Securities (1989-1996)
- Birchtree Financial Services (1996)
- Wilbanks Securities (1996-2017)
The Allegations
In October 2014, a customer alleged that Aaron Wilbanks made fraudulent misrepresentations and omissions of material facts, recommended unsuitable investments, created an undue concentration of unsuitable securities, and violated state and federal securities laws. This case went to arbitration where the customer was awarded $1,011,500 in damages. Aaron Wilbanks refused to comply financially with the award and was indefinitely suspended from acting as a securities broker in any fashion.
What Does This Mean?
Most investors lack the investment knowledge and experience that is necessary to invest their money suitably. This is the main motivation behind hiring securities brokers. So they might receive recommendations on how to invest their money in a suitable manner. Brokers like Aaron Wilbanks are expected to have the ability to discern what investments are suitable for their customers. They can determine this suitability by looking at factors like the customer’s age, investment objectives, financial situation, risk tolerance, annual income, and liquidity needs. If an in investor finds themselves invested in securities that are unsuitable for them based on these factors on a securities broker’s recommendation it was most likely due to the broker’s own negligence and inability to perform their duties adequately.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Aaron Wilbanks, please contact Oakes & Fosher for a free and private consultation.
