Articles Tagged with J.J.B. Hilliard

shutterstock_188631644-300x225According to BrokerCheck records financial advisor Michael Barnett (Barnett), employed by J.J.B. Hilliard, W.L. Lyons, LLC (JJB Hilliard), has been subject to six customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Barnett has been accused by a customer of unsuitable investment advice concerning various investment products including energy stocks most likely including master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in June 2018 and alleges breach of contract, breach of fiduciary duty, violation of the Kentucky Consumer Protection Act, violation of Kentucky’s blue sky laws, and violation of the Illinois Consumer Fraud Act with respect to an over-concentration and losses in Breitburn Energy (BBEP) and that BBEP was unsuitable.  The claim alleges $42,791.95 in damages and is currently pending.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_187532303-300x200Our firm is investigating claims made by The Financial Industry Regulatory Authority (FINRA) against broker Adam Estes (Estes).  According to the FINRA action, Estes consented to the sanctions and findings that he participated in private securities transactions totaling over $1.2 million without providing prior written notice his brokerage firm – J.J.B. Hilliard – nor sought the firm’s permission to participate in several businesses.  According to FINRA, Estes also engaged in outside businesses which were formed by him and others without providing prior written notice to the firm.  FINRA also alleged that Estes made misrepresentations and omissions concerning the private securities transactions and outside business activities in firm annual questionnaires and other compliance documents.

The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.  Often times brokers who engage in this practice use outside businesses in order to market their securities.

Estes entered the securities industry in 2000.  Since February 2000 Estes was registered with J.J.B. Hilliard out of the firm’s Bloomington, Indiana office location.

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