Broker Jeffrey Alan Hill Gets 15-Month Suspension for Allegedly Bilking Elderly Customers
The broker was also fined and fired from Wells Fargo
Broker Jeffrey Alan Hill has been suspended by the Financial Industry Regulatory Authority (FINRA) for all of 2017 and will not be allowed to sell securities again until March of 2018. He was also fined $50,000.
FINRA’s investigation reported that Hill made hundreds of trades for two elderly clients, only contacting them about half of the time. In addition, he recommended many investments that were “qualitatively or quantitatively unsuitable or lacked a reasonable basis.”
The findings also stated that Hill made many short-term investment recommendations, not for the benefit of his customers, but to generate extra commissions for himself. This is referred to as churning, which can classify as a breach of fiduciary duty.
A 23-year veteran of the securities industry, Hill began his career in 1993 with Miller & Schroeder Financial, Inc. out of Minneapolis, MN. He then worked for Prudential Securities Inc. in NYC; Wachovia Securities, LLC out of St. Louis; and two firms in Bemidji, MN: Dougherty & Company LLC and Wells Fargo Advisors. Due to FINRA’s sanctions against him, Hill was discharged from Wells Fargo in November of 2016.
Dating back to 2000, Hill has had several customers make complaints against him, including a first charge of elder financial abuse in 2001. Hill is reported to have sold high-yield municipal bonds to a client who was on assisted living and therefore not suitable for the investment. The client was awarded over $5,000 in damages.
In 2015, another customer accused Hill of churning, unsuitability, breach of fiduciary duty, and unauthorized trading that resulted in a loss of $1.6 million. That client received $1 million in damages.
More information about Jeffrey Alan Hill and the charges against him can be found in this BrokerCheck report generated by FINRA.
If you or someone you know was taken advantage of by Jeffrey Alan Hill, you should take action. To learn about your options, get in touch with the Silver Law Group. We may be able to help you get back money that’s rightfully yours.
Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in elder financial fraud and securities law arbitration cases to help them recover funds and get a sense of justice. We operate on a contingency-fee basis, so our team does not profit unless we recover your funds.
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