Robert Lansing Hicks (also known as Lance Hicks) of Irvine California a stockbroker and former owner of Finance 500 Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $45,000.00 in damages founded on accusations that (1) contractual obligations to the customer had been breached (2) the customer’s account had been handled with poor care and in violation of Texas securities laws (3) fiduciary duties had been violated (4) misrepresentations were made concerning investments (5) the customer had been defrauded and (6) Finance 500 Inc. failed to supervise Hicks’ activities in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03674 (Aug. 6, 2018).
FINRA Public Disclosure confirms that Hicks is referenced in three additional customer initiated investment related disputes containing allegations of his violative conduct while employed with Finance 500 Inc. Particularly, a customer initiated investment related complaint regarding Hicks’ activities was settled to resolve accusations of the customer being over overcharged on trades placed in the customer’s account.
Then, a customer filed an investment related arbitration claim concerning Hicks’ conduct in which the customer requested $1,760,000.00 in damages based upon allegations that as the president and Chief Compliance Officer of Finance 500 Inc., Hicks was liable for, inter alia: the failure to supervise a stockbroker who engaged in violative activities in the customer’s account; violation of the customer’s investment contract; negligent handling of the customer’s investment portfolio; false or misleading statements and omissions in regard to the direct participation program or limited partnership interests sold to the customer; failure to comply with fiduciary responsibilities to the customer; unsuitable trading in the customer’s account; and fraudulent activities which caused the customer to sustain catastrophic losses. FINRA Arbitration No. 16-02757 (Sept. 16, 2016).
Additionally, Hicks is the subject of a customer initiated investment related complaint where the customer sought $1,070,1455.00 in damages supported by accusations that contractual obligations to the customer had been violated; misrepresentations were made to the customer; critical investment information was not properly disclosed at the time the investments had been sold; and the customer had been defrauded by being placed in direct participation program or limited partnership interests. FINRA Arbitration No. 17-01751 (July 17, 2017).
FINRA Public Disclosure additionally reveals that Hicks has been fined $25,000.00 and suspended for nine months from associating with any FINRA member in any principal capacity supported by findings that Hicks failed to supervise the firm’s business practices regarding the sale of low-price securities. Letter of Acceptance Waiver and Consent No. 2013036837801 (Dec. 30, 2015).
Hicks’ registration with Fortune 500 Inc. has been terminated as of December 28, 2015.
