Shane Collins Wilhelm, of Roanoke, Virginia, a stockbroker previously registered with Fortune Financial Services Inc. and Truist Investment Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) in any capacity because Wilhelm failed to respond to FINRA’s requests for information. Case No. 2021072674801 (September 5, 2023).
Initially, Wilhelm faced a suspension on June 26, 2023. However, Wilhelm did not request the termination of this suspension or otherwise cooperate with the regulator’s request within the required three-month period. Consequently, on September 5, 2023, Wilhelm was barred automatically by the regulator.
Public Disclosure shows that Wilhelm was the subject of a complaint filed by beneficiaries of deceased customers, accusing him of inflating the actual value of an elder customer’s estate and their potential inheritance. This complaint was filed while Wilhelm was associated with SunTrust Investment Services Inc. and sought damages of $340,092.00. The complaint was ultimately denied.
Wilhelm was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $35,000.00 in damages based upon allegations that Wilhelm made misrepresentations of material fact regarding the actual amounts in customers’ accounts during the time that he was associated with Truist Investment Services Inc. FINRA Arbitration No. 22-01066 (May 18, 2022).
Wilhelm is mentioned in another customer initiated investment related FINRA securities arbitration claim that was settled for $400,000.00 in damages. The customer contended that Wilhelm misrepresented stocks, variable annuities, and mutual funds as being significantly greater in value than what was actually in the customer’s account while Wilhelm was associated with SunTrust Investment Services Inc. FINRA Arbitration No. 22-00216 (March 23, 2023).
Wilhelm was associated with Fortune Financial Services Inc. in Moneta, Virginia from March 25, 2021, to October 6, 2022. Fortune Financial Services Inc. discharged Wilhelm on October 6, 2022. The discharge was based upon allegations that Wilhelm failed to provide a response and documents to Fortune Financial Services regarding the allegations against him. He was associated with Truist Investment Services Inc. in Roanoke, Virginia from August 28, 2015, to February 16, 2021.