Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Meyer Wilson Investigates Claims of Broker Misconduct against Samuel Rankin

Meyer Wilson is looking into allegations of broker misconduct against broker Samuel Boyce Rankin (CRD# 811491).

Rankin currently works with UBS Financial Services Inc. in Charlotte, N.C., where he has been registered since April 2009. He has been working in the securities industry for more than 40 years.

According to his BrokerCheck Report from the Financial Industry Regulatory Authority, Samuel Rankin has two complaints pending against him.

In one complaint filed in September 2017, a customer alleges Rankin misallocated their accounts in overly-aggressive investments. The customer is seeking more than $849,000 in damages.

The other pending complaint was filed in July 2017, also alleging overly-aggressive investments. The customer claims Samuel Rankin failed to follow instructions to invest their retirement funds according to a “moderate” risk tolerance. The customer further accuses Rankin of creating a cover-up to deceive the customer after the alleged misallocation was discovered. The complaint seeks an unspecified amount of damages.

Samuel Rankin’s BrokerCheck report shows three prior complaints have been resolved through settlement. In July 2010, a customer complained that Rankin failed to follow her instructions to liquidate her account, resulting in a claimed loss of $60,000. The complaint was settled in March 2011 for $24,999.

Two settled complaints filed in February and July 2003 pertained to funds managed by Samuel Rankin that were part of accounts brought to his then-employer Citigroup by other advisors.

The first of these complaints evolved into a broker misconduct class action lawsuit against Citigroup and the advisors who brought the accounts to Citigroup. This class action was settled in March 2007 for $17.6 million. Rankin was a named party in the lawsuit but did not contribute to the settlement.

The second complaint, based on the same set of facts, raised claims against Citigroup and a group of advisors for unsuitability, overconcentration, misrepresentation, breach of fiduciary duty, and breach of contract. This complaint was settled in May 2006 for $42,000. Samuel Rankin was not a party to the settlement and did not contribute to the settlement.

Rankin’s BrokerCheck report shows the following registrations preceded his current UBS registration:

  • Citigroup Global Markets Inc., Charlotte, N.C., July 1993 to May 2009
  • Lehman Brothers Inc., New York, N.Y., February 1988 to July 1993
  • E.F. Hutton & Company Inc., November 1987 to February 1988
  • Dean Witter Reynolds Inc., February 1978 to September 1987
  • Reynolds Securities Inc., August 1975 to February 1978

Brokers owe it to their customers to exercise the same level of care that any reasonable and prudent person would use under the same circumstances. When broker misconduct fails to meet that standard – such as by reallocating funds into risky investments that a reasonable, prudent advisor would not have chosen – that broker and their supervising brokerage firm may be liable for any resulting losses under a theory of negligence.

In addition to their duty of care, brokers operate under a fiduciary duty to their customers. Their fiduciary duty imposes specific obligations on the broker to always act in the clients’ best interest.

Brokers, for example, are expected to place their clients’ interests ahead of their own or that of their firm. They must keep an eye on their client’s investments and the financial environment, taking care to keep the client informed about their investments. Failing to satisfy these duties may cause financial losses and could constitute actionable broker misconduct.

When broker misconduct results in losses for the customer, Meyer Wilson can help. Through their efforts, clients have recovered hundreds of millions of dollars that would have otherwise been lost. Call today for a free initial consultation.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram