According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Billy Aycock (Aycock), currently associated with Cabin Securities, Inc., has at least 17 disclosable events. These events include 17 customer complaints, alleging that Aycock recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on November 20, 2024.
Breach of fiduciary duty, negligence, breach of contract, aiding and abetting breach of fiduciary duty and violations of ct and other securities laws.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $300,000.00 on April 10, 2024.
Regarding icap equity llc notes – unsuitability, misrepresentation, breach of fiduciary duty, violation of finra conduct rules, negligence, failure to supervise, breach of contract and vicarious liability
FINRA BrokerCheck shows a pending customer complaint with a damage request of $412,371.00 on March 29, 2024.
Violation of federal securities law, violation of in securities act, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence
FINRA BrokerCheck shows a settled customer complaint with a damage request of $815,000.00 on February 22, 2024.
Violation of securities law, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence in reference to spring hills holdings llc, tasty brands lp, gwg l bonds, priority income fund, spring hills holdings and archon growth and income residential lp
FINRA BrokerCheck shows a pending customer complaint with a damage request of $125,000.00 on February 05, 2024.
Claimants allege breach of fiduciary duty, negligence, negligent supervision, fraud, breach of contract, violation of sec rule 10b-5 and act sections 10(b) and 20(a), violation of az securities act in reference to gwg l bonds purchase 2/28/23 and northstar healthcare reit purchased 1/2015.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,001.00 on February 05, 2024.
Claim alleges breach of fiduciary duty, breach of contract and negligence, negligent supervision, illinois securites law, fraudulent inducement to hold investment, control person aider and abettor, aiding and abetting breach of fiduciary duty regarding franklin realty bsp and hospitality investment trust. No dates were provided in claim.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on February 05, 2024.
Claimants allege failure to conduct adequate due diligence, failure to act in best interest of claimants, misrepresentation and omission of material fact and violation of industry standards of care in reference to gwg l bonds. No dates were specified in the claim.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on February 05, 2024.
Breach of fiduciary duty, breach of contract and negligence, negligent supervision, violations of ill securities law, fraudulent inducement to hold investment, control person aider and abettor liability, aiding and abetting of breach of fiduciary duty specifically referencing hospitality reit and gwg l bonds. No dates were provided in the claim as per claim, client did not have all statements at the time.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on January 30, 2024.
Claimant alleges that respondents did not conduct reasonable due diligence on gpb waste management lp and that the investment was unsuitable, misrepresented and inconsistent with claimant’s risk tolerance. Purchased on 10/27/2017.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $140,000.00 on January 29, 2024.
Claimants allege that respondents did not conduct proper due diligence and improperly recommended unsuitable investments in gwg l bondsĀ for purchases made on 09/01/2018 and 12/08/2017.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $220,000.00 on January 29, 2024.
Claim alleges breach of fiduciary duty, breach of contract and negligence, negligent supervision, violation of il securities law, fradulent inducement to hold investment, control person aider and abetter liability, aiding and abetting breach of fiduciary duty regarding gwg l bonds, hospitality trust reit, american finance reit, american realty cap global net lease, gk investment holdings, cottonwood communities and priority income fund. No dates were specified.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $185,000.00 on January 29, 2024.
Claim for breach of fiduciary duty, breach of contract and negligence, negligent supervision , violation of il securities law, aiding and abetting breach of fiduciary duty regarding gwg l bonds and non traded reits – hospitality investors trust reit, griffin american healthcare reit, griffin capital net least reit and griffin cap essential reit.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $110,000.00 on January 29, 2024.
Claim alleges breach of fiduciary duty, breach of contract and negligence, negligent supervision, fraudulent inducement to hold investment, control person aider and abettor, aiding and abetting breach of fiduciary duty in reference to purchases in american realty global cap trust/global net lease inc., gwg l bonds, kbs legacy partners apartment reit, kbs strategic opp reit, lodging opp fund reit and priority income fund. No dates are specified in the claim.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $105,000.00 on January 29, 2024.
Claim alleges breach of fiduciary duty, breach of contract and negligence, negligent supervision, violation of il securities law, fraudulent inducement to hold investment, control person aider and abettor, aiding and abetting breach of fiduciary duties in regard to hospitality investors trust reit, lodging opportunity fund reit, priority income fund and unspecified others per claim. No dates were specified.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $141,000.00 on January 26, 2024.
Claimants allege and respondents did not conduct a reasonable due diligence, that the recommendations were unsuitable and inconsistent with their financial situation, investment objectives and risk tolerance in reference to purchases of gwg l bonds made by [redacted] 09/04/2019 and 09/04/2019 and 09/04/2019 ; [redacted] 05/01/2019.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $995,000.00 on January 25, 2024.
Claimant alleges respondents did not conduct reasonable due diligence and made unsuitable recommendations in reference to gwh holdings l bond purchases made on 10/3/2019, 5/15/2020, 11/11/2020 and 11/13/2020
FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,050,000.00 on January 25, 2024.
Claimant alleges respondents improperly recommended an unsuitable investment, falsely represented the investment as safe and failed to conduct reasonable due diligence in the purchase of gwg l bonds made on 3/1/2018 and 12/1/2018.
Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated ‘Regulation Best Interest (Reg BI)‘ which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.
Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. The cost of the recommendation and information about the investor are always included in material information. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.
In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. Accordingly, a brokerage firm may not rely blindly upon the issuer for information concerning a company in lieu of conducting its own reasonable investigation.
Additional investor safeguards include broker disclosure requirements. Brokers are required to disclose reportable events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on FINRA’s BrokerCheck reports for public viewing. FINRA has recognized that recent studies offer evidence showing that brokers with a past history of regulatory and customer complaint issues are more likely to have such issues in the future. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.
Aycock entered the securities industry in 2000. Aycock has been registered as a Broker with Cabin Securities, Inc. since 2023.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.