The Investor’s Watchdog

The Investor's Watchdog

Kentucky Registered Representative, Christopher Bennett, Consents to FINRA Sanctions to Resolve Allegations of Trading in Customer Accounts without Authorization

Wednesday, February 13, 2019

On December 7, 2018, former registered representative Christopher Bennett submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) Department of Enforcement agreeing to sanctions for allegedly exercising discretion in customer accounts when he did not have approval to do so. Bennett was formerly associated with J.J.B. Hilliard, W.L. Lyons, LLC (Hilliard Lyons) in Louisville, Kentucky from December 1995 to October 2018.

According to the AWC, Bennett exercised discretion in the accounts of four customers from January 2014 to December 2015 without obtaining prior written authorization from Hilliard Lyons or the customers. Bennett allegedly placed approximately 75 trades in the accounts without their approval, thus violating NASD Rule 2510(b) and FINRA 2010.

Without admitting or denying the allegations made against him, Christopher Bennett consented to a suspension for fifteen business days and a $5,000 fine. The AWC was approved by FINRA Department of Enforcement on January 7, 2019.

According to his FINRA BrokerCheck report, Bennett has several settled and pending customer disputes with allegations of unsuitable recommendations, unauthorized trading, churning, and lack of diversification, among other things.

Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you invested with Christopher Bennett and you suspect wrongdoing, you may be able to recover from him or J.J.B. Hilliard, W.L. Lyons, LLC, the brokerage firm where he was registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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