Billy Aycock has been accused of multiple securities violations, including breach of fiduciary duty, negligence, and violations of Illinois securities law. These claims center around complex and risky products like GWG L Bonds and Hospitality REITs. In this article, we examine the specific allegations against Aycock, the legal issues involved, and what this could mean for affected investors.
If you or someone you know has been impacted by Billy Aycock or another financial advisor, don’t hesitate to reach out to Meyer Wilson Werning today. Our attorneys are experienced in broker misconduct cases and will help to guide you through the process with a free consultation.
Understanding the Allegations Against Billy Aycock


The previous and pending customer disputes filed against Billy Aycock (CRD#: 4069907) outline a wide range of misconduct. The allegations point to serious breaches of industry standards and a failure to act in the best interests of clients.
Key Allegations Include:
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Breach of Fiduciary Duty and Contract: Aycock is accused of failing to act in his clients’ best interests and violating agreements made with investors.
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Negligence: These claims suggest a disregard for the duty of care expected from financial advisors.
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Fraudulent Inducement to Hold Investments: Clients allege they were misled or pressured into holding onto unsuitable products.
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Violations of Illinois Securities Law: These state-level violations compound the seriousness of the federal allegations.
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Involvement with Risky Products: The case references investments in Hospitality REITs and GWG L Bonds, which have been flagged for their risk profiles and lack of liquidity.
Aycock has denied all allegations, claiming no interactions with the claimants, but that does not negate the potential legal exposure or the investor harm alleged in the claim.
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Surge in Settlements Since 2024 — and One Dispute Still Pending

Regulatory records show a flurry of 17 customer disputes filed against Billy Aycock since January 2024: 16 have already been settled, and one remains pending. Below are some of the largest damages-requested figures among those cases:
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April 10, 2024: $300,000 in damages requested— Unsuitability and misrepresentation claims tied to iCap Equity LLC notes, alleging fiduciary breaches and supervisory failures. This case settled.
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March 29, 2024: $412,371 in damages requested— Investor cited federal and Indiana securities-law breaches and negligence.
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February 22, 2024: $815,000 in damages requested— Claim described violations of securities law and negligence tied to a basket of high-risk products, including Spring Hills Holdings LLC, Tasty Brands LP, and GWG L Bonds. This case settled.
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January 25, 2024: $1,050,000 in damages requested— Claimant alleges Aycock improperly recommended an unsuitable investment in multiple GWG L Bonds and failed to conduct due diligence. This case settled.
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January 25, 2024: $995,000 in damages requested— Allegations that Aycock failed to conduct reasonable due diligence and pushed a series of GWG Holdings L Bond purchases that were unsuitable for the client’s profile. This case settled.
Risky Investment Products Named in the Dispute
The dispute specifically names GWG L Bonds and Hospitality REITs, both of which have been the subject of regulatory warnings and investor litigation.
Investment Risks Associated with These Products:
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GWG L Bonds: High-risk, speculative investments that became nearly worthless after GWG Holdings defaulted in 2022.
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Hospitality REITs: Illiquid, non-traded real estate investment trusts that are often unsuitable for investors seeking stable or short-term returns.
Advisors who recommend these products without clearly disclosing the risks or ensuring suitability may be liable for the resulting losses. To hear more about GWG L Bonds, watch our video below:

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Meyer Wilson Werning Supports Investors Harmed by Advisor Misconduct
The claims against Billy Aycock reflect broader concerns about transparency, ethics, and accountability in the financial industry. If you or someone you know has suffered losses due to the actions of financial advisors like Billy Aycock, the experienced attorneys at Meyer Wilson Werning are here to help. With more than 20 years in the industry and over $350 million recovered for our clients, our focus on investment fraud and securities litigation has helped many investors recover their losses. Contact us today for a free consultation to discuss your case and learn how we can assist you in protecting your financial interests.
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Frequently Asked Questions


What are the main allegations against Billy Aycock?
Billy Aycock is facing allegations of breach of fiduciary duty, breach of contract, negligence, and violations of Illinois securities law, related to Hospitality REIT and GWG L Bonds. These allegations suggest potential misconduct that could have led to financial losses for investors.
How can investors recover losses from financial advisor misconduct?
Investors may recover losses through FINRA arbitration, which provides a formal mechanism for addressing grievances against financial advisors for damages caused by misconduct. This process allows investors to seek compensation for their losses effectively.
What should I do if I suspect my advisor is acting unethically?
If you suspect unethical behavior from your advisor, it is important to document your concerns and seek advice from a qualified investment fraud attorney to explore your options for recovery. This may include filing a complaint with regulatory bodies or pursuing arbitration.
What are the red flags of financial advisor malpractice?
Red flags include unsuitable investment recommendations, lack of transparency about risks, excessive trading, and misrepresentation of information regarding investments. Being aware of these signs can help investors identify potential issues with their advisors.

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