Randall Lee Wilbanks of Oklahoma City Oklahoma a former executive of Wilbanks Securities Inc. has been named in a customer initiated investment related arbitration claim in which the customer sought $290,000.00 in damages based upon accusations that Wilbanks was responsible for (1) making omissions or misrepresentations concerning the risks pertaining to real estate security and equipment leasing products sold to the customer (2) over-concentrating the customer’s assets in speculative and risky investments and (3) failing to conduct due diligence with regard to the real estate security and equipment leasing products. Financial industry Regulatory Authority (FINRA) Arbitration No. 18-01960 (June 4, 2018).
FINRA Public Disclosure reveals that Wilbanks has also been censured by at least two securities regulators based upon allegations of his misconduct during the time that he was associated with Wilbanks Securities. In particular, Wilbanks was censured by Oklahoma Department of Securities supported by accusations that Wilbanks, inter alia: failed to create a supervision system to be used in Wilbanks Securities; failed to set forth procedures to govern the firm’s business operations; neglected to supervise the activities of two Wilbanks Securities agents; and violated agreements with The State of Maryland and the Commonwealth of Pennsylvania with respect to an agent registered in the firm. Case No. 05-029 (Mar. 5, 2007). Oklahoma Department of Securities disallowed Wilbanks from supervising or training registered representatives and principals of the firm.
Thereafter, Wilbanks was censured and fined $25,000.00 by National Association of Securities Dealers (NASD) based upon allegations that Wilbanks, among other things, neglected to report customer initiated investment related disputes; and failed to create supervisory procedures for the retention of correspondence. Letter of Acceptance Waiver and Consent No. E052005008501 (Feb. 27, 2007).
Wilbanks’ registration with Wilbanks Securities Inc. has been terminated on October 5, 2017. Between May 29, 2017 and June 7, 2018, Wilbanks was associated with Cabot Lodge Securities LLC.
