WARNING! Impending Investigation: MICHAEL INDERLIED, TIMOTHY N. PAYNE, and WILLBANKS SECURITIES, INC.
Investigation: Michael Inderlied, Timothy N. Payne, and Wilbanks Securities, Inc.
Have you lost money with financial advisors Michael Inderlied and Timothy N. Payne from Oklahoma City, Oklahoma? We are investigating allegations made by Missouri Securities Division against Inderlied and Payne for conduct while they were registered with Wilbanks Securities, Inc.
According to the Missouri Securities Division settlement with Inderlied and Payne, Michael Inderlied and Timothy Payne recommended that an elderly, widowed investor purchase a number of annuities and then prematurely liquidate them. It was also alleged that Inderlied and Payne sold the investor an unsuitable bond fund, and that they told her to sell her home to make additional investments. To settle these allegations, Michael Inderlied and Timothy N. Payne each were required to pay $17,500 in restitution and to pay civil penalties of $20,000 each.
Missouri alleged that in August 2010, the elderly customer’s spouse passed away. A day before the spouse’s funeral in September 2010, Inderlied and Payne met with the widow and brought three Prudential variable annuity applications for her to sign. Inderlied and Payne inaccurately portrayed the investor’s net worth as $2 million. Then in December 2011, only fifteen months later, Inderlied and Payne recommended that the investor liquidate these annuities to invest in additional annuities, causing significant surrender charges.
Michael Inderlied and Timothy N. Payne were both financial advisors and registered representatives of Wilbanks Securities, Inc. from June 2009 to February 2014. They were also registered with Investors Capital Corp. from January 2014 to March 2015 and are now with Adirondack Trading Group from April 2015 to the present. Both Inderlied and Payne were “permitted to resign” from Wilbanks Securities for this conduct. They worked at a branch office in Oklahoma City, Oklahoma.
Brokerage firms like Wilbanks Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in the St. Louis, Missouri area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.
HAVE YOU LOST MONEY WITH MICHAEL INDERLIED, TIMOTHY N. PAYNE OR WILLBANKS SECURITIES?
Denver Office: (720) 599-3505
Seattle Office: (206) 795-5798
Click to view: Interlied MO AWC
Click to view: Inderlied BrokerCheck 11.19.15
Click to view: Payne BrokerCheck 11.19.15