Wilbanks Securities executives Randall Wilbanks and Aaron Wilbanks, of Oklahoma City, Oklahoma, have been named in a pending customer initiated investment related arbitration claim on November 24, 2014, in which the customers have collectively requested $1,465,000.00 in damages based upon allegations that Randall Wilbanks and Aaron Wilbanks, as control persons, were responsible for improper sales of oil and gas investments. Customers alleged that one of the firm’s registered representatives purportedly made guarantees regarding the investments, and no suitability analysis was completed in reference to the investments.
FINRA Public Disclosure reveals that Aaron and Randall Wilbanks have been previously subject to two regulatory actions for supervisory mishaps. Particularly, on August 4, 2006, Randall Wilbanks was censured, and prohibited from supervisory, training, and compliance activities for two years by Oklahoma Department of Securities after consenting to findings that he failed to establish supervisory protocols and systems to conform with rules of the Securities and Exchange Commission (SEC) and National Association of Securities Dealers (NASD). Randall Wilbanks was additionally alleged to have failed to supervise his agents. In connection with the same incident, Aaron Wilbanks was suspended in a principal capacity and forced to requalify as a securities principal.
On February 27, 2007, Randall Wilbanks was censured and fined $25,000.00 by NASD after consenting to findings that, inter alia, he failed to properly inspect his branch offices, and failed to make customer complaint disclosures to NASD. As such, Randall Wilbanks was found to have violated NASD Rules 3110, 3070, 3010, and 2110. In connection with the incident, Aaron Wilbanks was censured and found to have violated NASD Rules 2110 and 3010.
Guiliano Law Group
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