The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Christopher Hibbard. According to his publicly available FINRA BrokerCheck report, Christopher Hibbard has been the subject of numerous customer disputes.
Christopher Hibbard was a Kentucky based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with three different securities firms.
His Registrations
- A.G. Edwards & Sons (1999-2004)
- Morgan Keegan & Company (2004-2010)
- Merrill Lynch (2010-2018)
The Allegations
- In March 2018, customers alleged that that Christopher Hibbard executed unauthorized transactions, stole funds from them, made unsuitable investment recommendations, failed to follow instructions, and made material misrepresentations. This case was settled for $3.6 million in damages.
- In April 2018, a customer alleged that Christopher Hibbard stole funds by withdrawing it from their annuity between 2011 and 2014. This case was settled for $2.25 million in damages.
- In May 2018, customers alleged that Christopher Hibbard made material misrepresentations and converted funds from their annuity through a serious of unauthorized withdrawals. This case was settled for $500,000 in damages.
- In January 2019, a customer alleged that Christopher Hibbard made material misrepresentations, engaged in unauthorized trading, misappropriated their funds, forged their signature, and embezzled funds between 2005 and 2018. This case was settled for $250,000 in damages.
These are just some of the claims filed due to the alleged fund misappropriation of Christopher Hibbard. He was terminated from his position at Merrill Lynch in January 2018 when the allegations first came to light.
What Does This Mean?
Christopher Hibbard allegedly spent years slowly withdrawing funds from his customers’ variable annuities. He was able to disguise these alleged actions as standard market losses. Most investors lack the investment experience and knowledge to be able to catch that sort of thing when it is being done to them and thus it can go unnoticed for years. Brokers like Christopher Hibbard are aware of this and will use that to their advantage. Brokers like that believe that if they just withdraw small amounts over a long period of time, it will prevent them from getting caught. Investors need to monitor their assets carefully and seek help from legal professionals if they believe that their broker is doing this to them.
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 Christopher Hibbard, please contact Oakes & Fosher for a free and private consultation.
