Aaron Bronelle Wilbanks of Oklahoma City Oklahoma the former president and chief executive officer of Wilbanks Securities has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Wilbanks failed to confirm with FINRA if he complied with paying a customer damages under FINRA Arbitration No. 14-03350 (Feb. 15, 2018).
FINRA Public Disclosure confirms that the FINRA Arbitration Panel found Wilbanks liable on the customer’s claims including, inter alia: violation of FINRA Rules, breach of Wilbanks Securities’ duty to adequately supervise customer account transactions; negligence; violations of state and federal securities laws; undue concentration; unsuitable investments; violation of Colorado Securities Act; omissions; misrepresentations; and fraud in reference to the customer’s investments in the Aztec XII Oil and Gas program. The Panel ordered Wilbanks to pay $1,011,500.00 in damages to the customer.
This is not the first time that Wilbanks has been suspended by FINRA for misconduct in the securities industry. Particularly, he was suspended in all capacities by FINRA on December 29, 2017 supported by accusations that he failed to provide information to FINRA after it had been requested of him. Case No. 2017055913501.
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