WARNING! Impending Investigation–JIM HAMMONS and FIRST INDEPENDENT FINANCIAL SERVICES
Jim Hammons and First Independent Financial Services
In a recent disciplinary action, the Oklahoma Department of Securities made allegations regarding Jim J. Hammons, a financial advisor from Tulsa. The Oklahoma Department of Securities alleged that Hammons was a financial advisor and investment advisor. Hammons solicited one of his investment advisory clients to invest in Reaction Force LLC. Reaction Force was purported to be a martial arts school that would open up classrooms in Wal-Mart stores in Oklahoma. Hammons was alleged to have misrepresented the risks and profitability of Reaction Force. Unfortunately, Reaction Force went out of business in November 2013, and the client’s investment was completely lost.
Hammons was a registered representative of First Independent Financial Services from October 2007 to the present. Hammons’ BrokerCheck report from FINRA (the Financial Industry Regulatory Authority) indicates that Hammons filed for bankruptcy in 2006. He also had a judgment for child support against him in 2003, and he had a several Oklahoma state tax liens levied against him, all prior to his affiliation with First Independent Financial Services.
Broker-dealers like First Independent Financial Services have a responsibility to adequately supervise all representatives who are registered through their firms. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as the requirement to make suitable investment recommendations. Financial advisors have a duty to disclose material risks of an investment to a customer. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers. If you have lost money through Jim Hammons or Reaction Force and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.