J.J.B. Hillard, W.L. Lyons, LLC, an investment adviser firm and FINRA member brokerage firm, is subject of a customer initiated investment related arbitration claim, in which customers were awarded $450,000.00 in compensatory damages and $100,000.00 in punitive damages pertaining to allegations of negligent supervision, fraud, breach of contract, omissions and misrepresentations, breach of fiduciary duty, and violations of the Securities Act of the State of Illinois. FINRA Arbitration No. 16-01819 (Sept. 22, 2017)
Apparently, the customers’ blue-chip stock positions were sold with all of the proceeds invested in Breitburn Energy Partners Limited Partnership – a risky oil & gas company. The customers alleged that their investment portfolios were not diversified properly, and investment transactions failed to be consistent with the customers’ low tolerance for risk and conservative objectives for investing.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that since J.J.B. Hilliard, W.L. Lyons, LLC, has been established in March 1, 2008, the firm has been subject of sixty-four disclosures, of which thirty-one consisted of customer initiated investment related arbitration claims and thirty-three related to regulatory violations.
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