Investigating Complaint Against Lorene Fairbanks

lorene fairbanks

Did you lose investment money with securities broker Lorene Fairbanks? If so, the attorneys of Investment Loss Recovery Group want to help you to pursue the maximum recovery of your investment losses. We aggressively protect the rights of investors throughout the country. We can immediately go to work on your case.

Our attorneys are former licensed securities brokers and brokerage firm defense lawyers. They understand how brokerage firms work, and they know the securities laws which apply to those firms and their employees. If you suffered investment losses due to a broker’s negligent or intentional misconduct, we will put more than 40 years of combined legal experience on your side. Contact us today for a free consultation and learn more about how we can help you.

We generally try to recoup client investment losses through a private and confidential arbitration proceeding. In many cases, we have helped our clients to recover damages through a mediation or settlement as well. We look forward to reviewing your case and presenting you with a game plan to help you to recoup your investment losses.

Who Is Lorene Fairbanks?

You can find information about Lorene Fairbanks (CRD# 2788572) through two publicly available databases, the Investment Adviser Registration Depository (IARD) and the Financial Industry Regulatory Authority (FINRA) Central Registration Depository (CRD). Based on Ms. Fairbanks’ IARD Public Disclosure Report and her FINRA BrokerCheck report:

Ms. Fairbanks entered the securities industry in 1996, when she registered as a general securities representative with Citigroup Global Markets Inc. in Canfield, Ohio. She remained there through August 2006. From August 2006 to March 2012, she was registered in that same capacity with Merrill Lynch, Pierce, Fenner & Smith Incorporated. From November 2014 to June 2017, she was registered with Ameriprise Financial Services, Inc., also in Canfield, Ohio.

FINRA has sanctioned Ms. Fairbanks twice over the course of her career:

  • First, in September 2014, FINRA fined her $10,000 and suspended her for 30 days. FINRA based the sanctions on allegations that, between August 2006 and February 2012, Ms. Fairbanks made discretionary trades without written authorization from her clients or firm approval on roughly, and she mismarked order tickets as “unsolicited” when, in fact, the trades were solicited.
  • Second, in January 2018, FINRA fined Ms. Fairbanks $7,500 and suspended her for a period of five months. FINRA based the sanctions on allegations that she borrowed $75,000 from a securities client without her firm’s knowledge or permission, and she texted a client about securities a means of communication which the firm prohibited because it could not be monitored.

Currently, Ms. Fairbanks is not registered as a securities broker or investment adviser.

What Are the Complaints Against Lorene Fairbanks?

Ms. Fairbanks’ BrokerCheck report shows that she has been the subject of numerous customer complaints in her career, including:

  • In November 2017, a client alleged that Ms. Fairbanks engaged in misrepresentation and made unsuitable investment recommendations from August 2006 to March 2012. The case settled for $50,000 in damages (FINRA No. 17-02920).
  • In July 2017, a client alleged that she misrepresented risks associated with options trading and concentrated investments in high-risk options. The case resulted in a $125,000 settlement.
  • In April 2015, a client alleged that Ms. Fairbanks engaged in churning, breach of contract, breach of fiduciary duty, misrepresentation and negligence concerning investments in the client’s account between 2004 and 2006. The case settled for $15,000 in damages (FINRA No. 15-00713).
  • In October 2012, a client alleged that she made unsuitable investment recommendations, unauthorized trades and misrepresentations from April to September 2010. The case settled for $72,000 in damages (FINRA No. 12-03422).
  • In August 2012, a client alleged that Ms. Fairbanks made unauthorized trades and unsuitable investment recommendations between October 2010 to February 2011. The case settled for $11,050 in damages.
  • In April 2011, a client alleged that she made unauthorized trades, excessive trades, unsuitable recommendations and misrepresentations. The case settled for $104,000 in damages (FINRA No. 11-01141).

How Can Clients Recover Investment Losses Involving Ms. Fairbanks?

The Investment Loss Recovery Group has worked with investors on a wide range of broker misconduct cases, including cases involving churning, unauthorized trading, misrepresentation and omission, overconcentration, unsuitable investments and many other types of misconduct. Because of our background in the securities industry, we know how brokers and firms operate. We also understand the rules and regulations which govern their conduct. We can help you to identify whether you have suffered harm due to broker negligence or other misconduct, and we can formulate an effective maximum investment loss recovery strategy on your behalf.

We have litigated numerous broker misconduct cases in state and federal courts and protected our clients’ rights through arbitration proceedings. In many cases, we have helped our clients to recover damages through a settlement. We will listen closely to you and determine your goals, and we will work diligently towards achieving those goals.

Contact Our Investment Fraud Attorneys Today for a Free Case Review

If you lost money with Lorene Fairbanks, contact Investment Loss Recovery Group today for a timely, independent investigation of your case. Our attorneys have more than 40 years of combined legal experience and a background as licensed securities brokers and former brokerage firm defense attorneys. They can put their knowledge to work for you right away.

You have only a limited period of time to file claims based on broker misconduct. So, don’t wait to act. Call or reach us online today to discuss your case in a free consultation and learn more about how we can help you. We work with clients nationwide.

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