Christopher Robert Hickman of Delray Beach Florida a stockbroker formerly registered with Cetera Advisors LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,000,000.00 in damages founded on allegations that (1) fiduciary duties were breached (2) misrepresentations had been negligently made by the stockbroker in regard to unit investment trust or stock trades (3) the customer’s account was administered with poor care and (4) Cetera Advisors LLC violated Florida Securities Protection Act. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03008 (Nov. 15, 2019).
FINRA Public Disclosure reveals that Hickman has been identified in eight additional customer initiated investment related disputes containing accusations of his violative conduct while employed with Cetera Advisors LLC, A.G. Edwards Sons Inc., Banc of America Investment Services Inc. and Raymond James Financial Services Inc. Specifically, Hickman is referenced in a customer initiated investment related arbitration claim which was resolved for $32,500.00 in damages based upon allegations of options trades being placed by the stockbroker on an unauthorized and unsuitable basis.
Another customer initiated investment related complaint concerning Hickman’s activities was settled for $50,000.00 in damages supported by accusations that the customer had been placed into an auction rate security product that was misrepresented or otherwise inappropriate for the customer. Hickman is also the subject of a customer initiated investment related arbitration claim which was resolved for $650,000.00 in damages founded on allegations that during the time that he was associated with Banc of America, stock transactions executed in the customer’s account failed to be suitable and had caused the customer unwarranted losses.
Also, a customer initiated investment related arbitration claim involving Hickman’s conduct was settled for $150,000.00 in damages founded upon accusations that during the period in which the stockbroker was associated with Cetera Advisors, he took advantage of the customer based on the customer’s age; negligently transacted in the customer’s account; violated his contractual obligations; failed to comply with his fiduciary duties; and disregarded FINRA rules. FINRA Arbitration No. 17-01056 (Jan. 12, 2018).
Also, Hickman is referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages based upon allegations that the customer’s account was administered negligently; contractual obligations had been breached; transactions effected by the stockbroker failed to be suitable for the customer; unfounded statements were made about the terms, conditions or risks of investments; and fiduciary duties had been violated by Hickman when he was employed by Cetera Advisors. FINRA Arbitration No. 19-01233 (May 3, 2019).
FINRA Public Disclosure additionally confirms that Hickman has been fined $5,000.00 and suspended for five months from associating with any FINRA member in any capacity founded on findings that Hickman’s short-term unit investment trust trades were unsuitable for customers of Cetera Advisors. Letter of Acceptance Waiver and Consent No. 2015046087601 (June 9, 2017).
According to the AWC, no less than six customers were advised by Hickman to prematurely sell unit investment trust products, and the stockbroker advised some of those customers to apply proceeds from the premature unit investment trust sales towards the purchase of other unit investment trust products containing characteristics which were similar or identical to customers’ recently liquidated investments. The AWC stated that customers sustained more than $115,000.00 in damages because of Hickman’s unsuitable trading. FINRA found Hickman’s conduct violative of FINRA Rules 2010 and 2111.
