Hilliard Lyons broker Christopher Bennett was recently ordered to pay $445,000 in damages for allegedly committing several FINRA violations that resulted in significant losses to a client's qualified and non-qualified retirement accounts. According to the Arbitration Award, the Panel decided that Hilliard Lyons and Bennett are jointly and severally liable for compensatory damages.
According to Bennett's latest FINRA BrokerCheck report, he states that Bennett currently has three prior customer disputes and two currently pending customer disputes alleging misrepresentation, suitability, and breach of fiduciary duty. He is still registered with Hilliard Lyons.
Brokerage Firms Are Sometimes Held Liable for Investment Losses
Investment misconduct can have serious ramifications for everyone involved. When brokers like Christopher Bennett omit material facts, fail to disclose the level of risk associated with recommended investments, and fail to diversify the allocation of assets with regard to clients' objectives, age, and financial health, they may be violating industry rules and could be held liable for their misconduct. Similarly, when brokerage firms fail to monitor their brokers' activities to ensure compliance with industry rules, they can be held liable for losses resulting from the misconduct.
If you or someone you know lost money with Bennett, our investment loss attorneys at Meyer Wilson would like to offer you a free consultation to evaluate your case. Call us today at (800) 738-1960.