RBC Wealth Management has settled a customer complaint filed by a prominent Indianapolis, IN family for $3.5 million. The settlement occurred in April of this year.
According to news reports and FINRA filings, the family of the late Robert Skinner, co-founder of Skinner and Broadbent, Inc., a prominent shopping center developer in the Midwest, settled a complaint which was first made to RBC Wealth Management in January 2016. The complaint concerned the handing of multiple related accounts by former RBC Wealth Management broker James A. Wilson. According to Wilson’s BrokerCheck report, the complaint alleged that Wilson overtraded numerous accounts through the purchases of closed end funds and other products. The complaint alleged that the overtrading occurred as early as 2006 and continued until August 2015.
Wilson worked at RBC Wealth Management in Indianapolis from 2004 until December 2015. Wilson worked in the securities industry since 1981 and is currently not registered.
He voluntarily resigned from RBC Wealth Management. The Skinner complaint was filed with RBC Wealth Management shortly after his resignation. Wilson was quoted in local news reports as saying he did not contribute to the settlement.
Closed end funds, while a popular investment vehicle, carry high commission costs. The allegedly improper activity in this case was excessive trading. It occurred over a period of several years in multiple accounts. This case highlights the need for a concerned investor, worried about the activity in an account (or accounts), to hire an experienced securities arbitration attorney to investigate those concerns. An experienced securities arbitration attorney can analyze the investment products involved and the nature of the trading activity occurring in a customer’s account(s). That attorney can then make a determination as to whether the customer’s account has been mishandled and what, if any, recourse is available to the customer.
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
Nicholas J. Guiliano has over twenty years experience representing investors before the Financial Industry Regulatory Authority, the New York Stock Exchange and before the National Association of Securities Dealers, Office of Dispute Resolution. Over the last twenty years, he has represented more than a thousand investors from all across the United States and from several foreign countries, in claims against stockbroker and broker-dealers for fraud, breach of fiduciary duty, churning or excessive trading, the sale of unsuitable investments, the sale of defective investments, the sale of unregistered securities, and the failure to supervise. He is frequently quoted in the national media on securities and investment related issues, most recently on National Public Radio. He offers his services on purely a contingent fee basis, and is also a member of Public Investors Arbitration Bar Association.