Robert Lansing Hicks (Lance Hicks), Suspended from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses

Goodman & Nekvasil, P.A. May Recover Investor Losses | Robert Lansing Hicks (Lance Hicks), Suspended from Securities Industry

Robert Hicks was licensed with Finance 500, Inc. from 1982 through 2015. FINRA reports that Lance Hicks was suspended from the securities industry for 9 months in 2015. According to FINRA, Lance Hicks consented to the sanctions and to the entry of findings that he and his member firm failed to establish an AML program reasonably designed to cause the detection and reporting of suspicious activity. The findings stated that the firm’s AML procedures and monitoring systems were not tailored to the risks associated with low-priced stock trading, which was a significant portion of a branch’s business. According to FINRA, Lance Hicks failed to establish, or ensure that others established, written AML procedures customized to the risks associated with low-priced stock trading. In addition, according to FINRA, the firm had inadequate procedures for monitoring the branch for suspicious trading. Hicks and his firm and failed to implement a sufficient AML program to appropriately monitor low-priced stock trading. According to FINRA, the firm’s procedures required heightened AML scrutiny for accounts deemed “high-risk,” but the firm did not identify or maintain a list of “high-risk” accounts and thus did not provide heightened scrutiny of high-risk accounts. In fact, some of the firm’s supervisors were unaware of the policy. In addition, according to FINRA, because the firm failed to designate any accounts as “high risk,” the AML Compliance Officer (AMLCO) did not perform the additional review required by the firm’s procedures. Deficient implementation of the firm’s AML program also made it possible for registered individuals at the firm to ignore red flags of suspicious activity. According to FINRA, as AMLCO, Lance Hicks was responsible for implementing, or delegating to others to implement, the firm’s CIP, which required the firm to verify customers’ identities through a risk-based approach. In some cases, according to FINRA, Lance Hicks failed to take sufficient steps to ensure that brokers complied with the firm’s CIP requirements. Most notably, according to FINRA the firm opened at least 300 accounts without properly verifying the account holders’ identities.

FINRA also reports that an arbitration claim was filed involving Lance Hicks’ conduct with Finance 500, Inc. alleging misrepresentation, breach of fiduciary duty, failure to supervise, Texas securities fraud, negligence and breach of contract. This arbitration claim was settled.

If you invested with Lance Hicks and would like to discuss the possibility of your retaining our firm to represent you in an arbitration action. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you invested with Lance Hicks and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

Contact Us Today!

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