June 2016—-Beaumont, Texas
According to FINRA records, Terry W. Chilton , a stockbroker who formerly was employed by IMS Securities. discloses a pending regulatory investigation and a pending customer dispute.
In June 2015, a FINRA arbitration panel awarded $1.1 million to a couple who filed a claim alleging that the annuities they were sold were to risky and that their repeated demands to reduce risk in their retirement portfolio were ignored. See this for more information.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Chilton’s FINRA record indicates that aa FINRA examination is currently pending. The investigation relates to FINRA Rule 2010 for negligent misrepresentations and/or omissions concerning variable annuity product features and FINRA Rule 4511 for forgery and/or falsification.
FINRA Rule 2010 is a catch all provision entitled “Standards of Commercial Honor and Principles of Trade” and states:
” A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”
Chilton also discloses a pending customer dispute. In March 2016 a customer brought a claim for unsuitable recommendations and misrepresentations in connection with a variable annuity. No damages are specifies.
If you have questions about an account handled by Terry W. Chilton, call for a no charge consultation.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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