Stoltmann Law Offices is investigating Willbanks Securities and two of its registered representatives, Timothy N. Payne and Michael Inderlied. According to a Missouri Securities Division settlement, Inderlied and Payne recommended that an elderly, widowed investor client purchase annuities and then prematurely liquidate them. They also allegedly sold the same client an unsuitable bond fund, and they told her to sell her home to make additional investments. In August 2010, Payne and Inderlied met with the client a day before her husband’s funeral and had her sign three Prudential variable annuity applications. Allegedly, 15 months later, they recommended that she liquidate the annuities to invest in additional annuities, which caused the client to pay significant surrender charges. Payne and Inderlied were each required to pay $17,500 in restitution and pay civil penalties of $20,000 because of this.
Timothy N. Payne was registered with MML Investors Services in Springfield, Massachusetts from March 1996 until July 1999, Wilbanks Securities in Oklahoma City, Oklahoma from August 1999 until March 2008, SagePoint Financial in Oklahoma City from March 2008 until June 2009, Wilbanks Securities in Oklahoma City from June 2009 until February 2014 and Investors Capital Corp in Oklahoma City form January 2014 until March 2015. He is currently registered with Adirondack Trading Group in Woodstock, New York and has been since April 2015. He has one customer dispute against him.
Michael Inderlied was registered with the following firms: The Prudential Insurance Company of America, Pruco Securities Corp, Carillon Investments, G.R. Phelps & Co., MML Investors Services, MIMLIC Sales Corporation, Wilbanks Securities in Oklahoma City, Oklahoma from July 1999 until March 2008, Sagepoint Financial, and Investors Capital Corp. He is currently registered with Adirondack Trading Group in New Woodstock, New York and has been since April 2015. He has two customer disputes against him.
Brokerage firms such as Wilbanks Securities have a responsibility to reasonably supervise their brokers. If they do not, they can be held liable for investment losses. Please call our securities law firm in Chicago to speak with an attorney about your options of suing Wilbanks Securities for investment losses. The call is free with no obligation.