Timothy Joseph Banks (also known as Tim Banks), of Creve Coeur, Missouri, a stockbroker registered with LPL Financial LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested damages based upon the alleged unsuitable investment investment recommendation of real estate securities or REITs during the time that Banks was associated with LPL Financial LLC. FINRA Arbitration No. 24-00611 (March 18, 2024).
FINRA Public Disclosure shows that Banks is referenced in three other customer initiated investment related disputes concerning Banks’ conduct while associated with securities broker dealers. On December 22, 2004, a customer filed an investment related complaint involving Banks’ conduct in which the customer requested $60,000.00 in damages based upon alleged unsuitable recommendations of fixed annuities and life insurance products when Banks was associated with AGSI. The complaint was later withdrawn.
On July 1, 2021, a customer initiated investment related FINRA securities arbitration claim involving Banks’ conduct was settled for $5,000.00 in damages based upon alleged unsuitable advice in business development companies, real estate securities, and oil and gas investments during the time that Banks was associated with LPL Financial LLC. FINRA Arbitration No. 20-02392.
On January 24, 2024, a customer filed an investment related FINRA securities arbitration claim involving Banks’ conduct in which the customer requested damages based upon alleged unsuitable investment recommendations of real estate securities, given the customer’s risk tolerance and objectives for investing. FINRA Arbitration No. 24-00181.
Banks was associated with Private Customer Services LLC in Creve Coeur, Missouri, from June 4, 2018, to May 21, 2020. He was associated with LPL Financial LLC in Creve Coeur, Missouri, from December 7, 2010, to June 8, 2018.
