Meyer Wilson is now investigating claims against former BancWest Investment
Services, Inc. and U.S. Bancorp Investments, Inc. broker
John S. Hudnall (CRD# 4200298).
According to the Financial Industry Regulation Authority (FINRA) Department
of Enforcement, from May 2012 to July 2014, Hudnall allegedly participated
in unapproved and undisclosed private securities transactions. He is also
accused of offering customers of the firm unapproved and undisclosed financial
sales promotions, as well as recommending and selling a variable annuity
product considered unsuitable for the customers. When FINRA requested
information from Hudnall regarding the alleged violations, FINRA says
that Hudnall provided false information.
In 2012, while with BancWest, Hudnall allegedly split a $400,000 REIT investment
to try to avoid his brokerage firm’s concentration guidelines. According
to the allegations, the first portion was $40,000 which Hudnall supposedly
submitted to his brokerage firm for supervisory review and approval. The
larger portion, $360,000, was allegedly submitted directly to a REIT sponsor
with the brokerage firm’s review or approval. FINRA claims that
this was allegedly done to circumvent the firm’s concentration guidelines,
as the total investment would have exceeded the allowed transaction amount.
The order alleged that Hudnall offered unapproved sales promotions while
registered with BancWest between April 2011 and July 2012. He is accused
of offering and paying two customers monetary incentives from his own
account in an attempt to have them hold fixed annuity contracts for at
least one year prior to surrendering the contracts. According to FINRA,
this allegedly allowed Hudnall to retain the commissions that would have
been lost if the customer had surrendered the contracts before the one-year mark.
In July 2014, while Hudnall was registered with U.S. Bancorp, he allegedly
sold unsuitable annuities that increased liquidity risk while offering
less investment options and flexibility. When questioned about this transaction
in May 2013, Hudnall allegedly provided false information.
Our securities fraud attorneys are currently investigating allegations
involving former broker John S. Hudnall. If Hudnall was your broker and
you suffered investment losses, you may be able to recover them. Call
us today to discuss your potential claim in a