Timothy Charles Hobbs, of Bedford, Texas, a stockbroker formerly registered with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration action from February 3, 2014, in which the customer requested $82,500.00 in damages based upon allegations that Hobbs breached his fiduciary duty to the customer, and effected investment transactions in the customer’s account which were not suitable.
FINRA Public Disclosure records reveal that Hobbs has been subject to two previous customer arbitrations. Particularly, on December 10, 2008, a customer initiated investment related arbitration claim involving Hobb’s conduct was settled for $20,000.00 in damages based upon allegations that Hobbs failed to add an insurance rider on the customer’s annuity policy per the customer’s instructions, causing the customer to bear investment losses.
Additionally, on July 5, 2007, a customer filed an investment related arbitration claim regarding Hobb’s actions, based upon allegations that Hobbs failed to provide the customer with account statements and apprise the customer of investments that resulted in losses in the customer’s account.
Hobbs’ registration with VSR Financial Services, Inc. ended in September of 2016. Since then, he has been registered with Summit Brokerage Services, Inc.
Guiliano Law Group
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