Goodman & Nekvasil P.A., May Recover Investor Losses | Timothy Neil Payne (Tim Payne) Discharged from Wilbanks Securities, Inc. and Barred from Securities Industry
From 2009 until Tim Payne’s discharge in 2014, Tim Payne worked for Wilbanks Securities, Inc. Tim Payne subsequently worked for Investors Capital Corp. According to FINRA’s records, Tim Payne was terminated by Wilbanks Securities, Inc. on January 24, 2014. Wilbanks Securities, Inc. reported to FINRA that Tim Payne was permitted to resign while under heightened supervision and investigation for improper recommendations to clients concerning variable annuities. The investigation revealed that Tim Payne encouraged clients to prematurely surrender variable annuities early in the surrender period for A-shares in various mutual fund shares to significant client harm.
Subsequent to Tim Payne’s termination by Wilbanks Securities, Inc. FINRA investigated Tim Payne and brought a disciplinary action against Tim Payne. Tim Payne was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on September 1, 2016. FINRA reports that Tim Payne consented to the sanction and to the entry of findings that Tim Payne failed to appear for FINRA on-the-record testimony pertaining to allegations of unsuitable recommendations by Tim Payne.
FINRA also reports that an arbitration claim was filed involving Tim Payne’s conduct with Wilbanks Securities, Inc., alleging violation of the Missouri Uniform Securities Act, Missouri Merchandising Practices Act, breach of fiduciary duty, breach of contract, fraud and misrepresentation, negligence and unjust enrichment. This arbitration claim was settled.
If you lost any money on investments with Tim Payne, you may be able to recover your losses from Wilbanks Securities, Inc. and/or Investors Capital Corp. This is because Wilbanks Securities, Inc. and Investors Capital Corp. had a duty to supervise Tim Payne.
If you lost money on investments with Tim Payne and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Wilbanks Securities, Inc. and/or Investors Capital Corp. concerning Tim Payne’s conduct. 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.
Goodman & Nekvasil, P.A. has recovered approximately $170 million on behalf of victimized investors. If you lost money on investments with Tim Payne 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.