Articles Tagged with US Bancorp

Recently, Ryan Sanford Lawson, a former broker with US Bancorp, was suspended from the industry for 30 days and fined $5,000 for impersonating an elderly customer in an attempt to move the customer’s retirement account from another bank. Allegedly, Lawson made two calls to the other bank, pretending to be the customer. He then made a transfer of $70,000 after meeting with the customer and his wife the day before. The money came from their retirement accounts at the other firm. The client couple claimed that “they were not aware of and did not authorize Lawson to impersonate them in order to effectuate the transfer.” This is against securities laws and US Bancorp may be responsible for losses because the bank did not properly supervise Mr. Lawson. Lawson is the second US Bancorp advisor to be sanctioned by the Financial Industry Regulatory Authority (FINRA) this year. Katherine Ann White was suspended for six months and fined $10,000 in June for allegedly borrowing $10,000 from a 69 year-old customer. She had worked in the Minneapolis, Minnesota branch.

AdobeStock_99700100-2-300x200If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your losses. Jeremy Hixson, a former broker with US Bancorp Investments, allegedly made false statements concerning a fraudulent investment scheme involving KGTA Petroleum (KGTA). Hixson claimed that his girlfriend had established a company called Quest Innovations and that she had sole control over its bank accounts, when, in reality, Hixson himself had established the company, in order to get fees from KGTA. He controlled the company’s bank accounts.

In May of 2016, Hixson pleaded guilty to one count of bankruptcy fraud and two counts of making false statements before the United States District Court for the Northern District of Ohio. In August of that same year, a judgment in his criminal case was entered against him. He was sentenced to three years probation, with the first eight months on home confinement and ordered to pay restitution of $73,794.32. He also failed to conceal a $125,000 payment he received and failed to disclose an interest in a limited liability company and list investors as unsecured creditors. These are all against securities laws. He was also accused of misrepresentations, negligence, unsuitability, and failure to supervise.

According to his online report with the Financial Industry Regulatory Authority (FINRA), Hixson was registered with Merrill Lynch, UBS, First Montauk Securities, WRP Investments, Invest Financial Corp, FirstMerit Financial Services and US Bancorp in Barberton, Ohio from July 2010 until August 2014. He has two customer disputes against him and has been permanently barred from the industry.

According to a recent Order Accepting Offer of Settlement with the Financial Industry Regulatory Authority (FINRA), John S. Hudnall violated securities laws. He allegedly, while registered with BancWest Investment Services, participated in undisclosed and unapproved private securities trnsactions, made unapproved and undisclosed financial sales promotions to firm customers, and provided false information in response to FINRA requests for information. Hudnall allegedly split a customer’s $400,000 real estate investment trust (REIT) investment into two parts, one for $40,000 and one for $360,000. He then disclosed and submitted only the smaller amount to his firm for supervisory review and approval. Hudnall allegedly offered and paid monetary incentives to two customers from his own personal funds to incent them to hold their fixed annuity contracts for at least a year before surrendering them, which allowed him to retain commissions he would not have gotten had the customer surrendered before the year was up.

Hudnall was registered with Morgan Stanley in Purchase, New York from October 2000 until November 2002, Citicorp Investment Services in South San Francisco, California from December 2002 until May 2007, Wells Fargo Advisors in San Leandro, California from May 2007 until September 2009, Merrill Lynch in San Mateo, California from August 2009 until September 2010, Bancwest Investment Services in San Francisco, California from September 2010 until December 2012 and US Bancorp Investments in San Francisco from November 2012 until March 2015. He has six customer disputes against him and one criminal disposition. He is not licensed within the industry.

Please call us today at 312-332-4200 to discuss your options of bringing a legal claim against US Bancorp in the FINRA arbitration forum on a contingency fee basis. The call to us is free with no obligation, so please do not delay. The firm may be responsible for your money losses. We take cases on a contingency fee basis only.

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