George Edward Hovany, of Vernon Hills, Illinois, a stockbroker registered with Wintrust Investments, is the subject of a customer initiated investment related complaint filed on June 20, 2024, in which the customer requested $366,000.00 in damages based upon allegations that Hovany made misrepresentations of material fact in connection with the sale of structured CDs when Hovany was associated with Wintrust Investments.
According the the complaint, “the customer, via his lawyer, sent a letter to Wintrust Investments complaining about the Structured CDs sold by former Representative George Hovany. The CDs have 15-20 year maturities, sold initially in 2010 and 2016. Client estimated income on the statement does not match the income received. Further client alleges he was not made aware that selling the CDs on the secondary market would result in a loss of principal. Customer demand is for $366,000 representing a return of principal on the investment plus $51,000 in interest payments.” The complaint was denied by Wintrust.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Hovany is referenced in six other customer initiated investment related disputes concerning Hovany’s conduct while associated with securities broker dealers, including Dain Rauscher Inc. On November 5, 2002, a customer initiated investment related securities arbitration claim involving Hovany’s conduct was settled for $125,000.00 in damages based upon allegations that Hovany made the unsuitable investment recommendation of over-the-counter equities, stocks, and mutual funds when Hovany was associated with Dain Rauscher Inc. NASD Arbitration No. 01-04869.
On March 17, 2010, another customer filed an investment related complaint involving Hovany’s conduct in which the customer requested $42,000.00 in damages based upon allegations that Hovany made unsuitable recommendations in fixed annuities when Hovany was associated with Wayne Hummer Investments. This complaint was denied.
Hovany was also referenced in a customer complaint filed on April 30, 2018, in which the customer requested $200,000.00 in damages based upon allegations that Hovany was negligent and made unsuitable recommendations in real estate investment trusts when Hovany was associated with Wayne Hummer Investments. This complaint was denied.
On April 12, 2022, a FINRA securities arbitration claim involving Hovany’s conduct was settled for $32,500.00 in damages based upon allegations that Hovany recommended a customer invest over forty percent of his account in a corporate bond when Hovany was associated with Wintrust Investments. FINRA Arbitration No. 21-00136.
Hovany was also referenced in a customer complaint that was settled on March 8, 2022, for $7,626.46 in damages based upon allegations that Hovany made misrepresentations of material fact about a real estate investment trust and its liquidity. The complaint alleged that the customer was unable to liquidate the investments.
Hovany was associated with Wintrust Investments LLC in Vernon Hills, Illinois from November 21, 2008 to July 6, 2020.
