DID TIMOTHY JOSEPH BANKS CAUSE YOU INVESTMENT LOSSES?
Timothy Banks Formerly With Private Client Services, LLC Has 4 Customer Complaints For Alleged Broker Misconduct
About Timothy Banks formerly with Private Client Services, LLC?
Timothy Banks (CRD #4497630) , located in Creve Coeur, Maryland, has had a varied career in the financial services industry but is not currently registered as a broker. Over his career, he was registered with several firms including Private Client Services, LLC, LPL Financial LLC, and National Planning Corporation among others, demonstrating a diverse employment history primarily located in Missouri. Banks has passed two general industry/product exams and two multi-state securities law exams. Despite not having passed any principal/supervisory exams, his broad registration history across several states shows a significant involvement in the financial industry.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Timothy Banks Customer Complaints and Reviews
Timothy Banks’s report includes several negative disclosures, primarily involving customer disputes:
- Total Disclosures: 4 customer disputes have been reported.
- Settled Dispute (Case #20-02392, Settled on 07/01/2021): A customer alleged unsuitable investment recommendations in non-traded REITs and other alternative investments between 2011 and 2013, leading to a settlement of $5,000, with no financial contribution from Banks.
- Withdrawn Dispute (Received on 12/22/2004): A complaint from 2003 concerning the alleged unsuitability of two whole life insurance policies based on the client’s retirement objectives was withdrawn without any settlement.
- Pending Disputes: There are two pending disputes alleging unsuitability of investments made in 2013 and 2014, reflecting ongoing concerns about Banks’s investment recommendations matching client risk tolerance and objectives. The damage amounts are unspecified but considered to be over $5,000.
Allegations Against Timothy Banks
The allegations against Timothy Banks primarily relate to the suitability of his investment recommendations:
- Allegation in Settled Dispute: Unsuitable recommendations regarding non-traded real estate investment trusts and alternative investments, which did not align with the clients’ investment objectives.
- Allegation in Withdrawn Dispute: Recommendations for two whole life insurance policies were claimed to be unsuitable given the client’s stated retirement objectives.
- Allegations in Pending Disputes: Investments made in 2013 and 2014 were alleged to be unsuitable given the customers’ investment objectives and risk tolerance, which are yet to be resolved.
Timothy Banks Red Flags & Your Rights As An Investor
Of course, Timothy Banks did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Timothy Banks at Private Client Services, LLC on alert to review carefully the activity and performance of their accounts and question whether Timothy Bankshas engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Private Client Services, LLC also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Private Client Services, LLC Due To Timothy Banks
If you have questions about OneAmerica Securities, Inc. and/or Joshua Baker and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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