FINRA

Without admitting or denying the findings, Payne consented to the sanction and to the entry of findings that he failed to appear for FINRA on-the-record testimony pertaining to allegations of unsuitable recommendations by Payne.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

9/1/2016

IN THE SUMMER OF 2016, AT AGE 69 ½, AND WITH MY WIFE ALREADY RETIRED, I WAS IN THE PROCESS OF RETIRING MYSELF. THERE WAS NO LOGICAL REASON FOR ME TO TRAVEL OUT OF STATE AND SPEND THE TIME AND MONEY TO APPEAR FOR AN ON-THE-RECORD TESTIMONY.

adirondack trading group llc

Permitted to Resign

Representative was censured by the State of Missouri in Case No.Ap-15-39

Missouri

Respondents engaged in dishonest and unethical practices.

Consent

Censure

Prohibition

Restitution

$17,750.00

Costs; Respondents shall not act as a trustee of a trust, attorney-in-fact under power of attorney, estate administrator, guardian, conservator, or in any similar fiduciary capacity for a client or a client's family unless such client is an immediate family member.

THIS MATTER, INVOLVING A SINGLE CUSTOMER, WAS SETTLED VIA A CONSENT ORDER IN WHICH I DID NOT ADMIT ANY FINDING OF FACT OR CONCLUSIONS OF LAW. THE MATTER INVOLVED AN EXTENDED INQUIRY INTO EVENTS WHICH WERE PREVIOUSLY THE BASIS OF THE ARBITRATION MATTER REPORTED UNDER "CUSTOMER DISPUTE - SETTLED", WHICH WAS SETTLED FOR A FRACTION OF THE INITIAL DEMAND BY THE SINGLE CLAIMANT WITHOUT ANY PERSONAL CONTRIBUTION BY ME. THE SECURITIES COMMISSIONER SUSPENDED ALL BUT 22% OF THE PAYMENTS IN THE CONSENT ORDER & WILLFULLY & FINALLY WAIVE THOSE SUSPENDED AMOUNTS UPON SATISFACTION OF THE OTHER PARTS OF THE ORDER.

WILBANKS SECURITIES, INC.

Permitted to Resign

REP WAS PERMITTED TO RESIGN WHILE UNDER HEIGHTENED SUPERVISION AND INVESTIGATION FOR IMPROPER RECOMMENDATIONS TO CLIENTS CONCERNING VARIABLE ANNUITIES. THE INVESTIGATION REVEALED THAT REP ENCOURAGED CLIENTS TO PREMATURELY SURRENDER VARIABLE ANNUITIES EARLY IN THE SURRENDER PERIOD FOR A-SHARES IN VARIOUS MUTUAL FUND SHARES TO SIGNIFICANT CLIENT HARM. THE FIRM FOLLOWED UP WITH EVERY CLIENT AND FULLY DISCLOSED ALL COMPENSATION TO THEM AND ALL CLIENTS DECIDED, IN WRITING, FOR THEIR INVESTMENTS TO STAND.

AS FORMALLY NOTED IN THE FORM U5 TERMINATION COMMENT SUBMITTED BY ADIRONDACK TRADING GROUP, LLC, THAT FIRM STATED TO ME THAT IT SOUGHT A SEPARATION BECAUSE "THE FIRM SUPERVISORY STRUCTURE COULD NOT ADEQUATELY PROVIDE SUFFICIENT OVERSIGHT NEEDED FOR THIS REPRESENTATIVE", AND THAT THE SEPARATION WAS NOT SOUGHT SOLELY BECAUSE OF THE MISSOURI CONSENT ORDER. IT IS MY UNDERSTANDING THAT ADIRONDACK WAS PRIMARILY CONCERNED ABOUT THE GEOGRAPHIC DISTANCE BETWEEN MY OFFICE AND THAT OF IT'S SUPERVISORS.

CLIENT ALLEGES VIOLATION OF THE MISSOURI UNIFORM SECURITIES ACT, MISSOURI MERCHANDISING PRACTICES ACT, BREACH OF FIDUCIARY DUTY, BRACH OF CONTRACT, FRAUD AND MISREPRESENTATION, NEGLIGENCE, AND UNJUST ENRICHMENT.

$200,000.00

$35,000.00

I BELIEVE THAT THESE ALLEGATIONS ARE WITHOUT MERIT AND UNWARRANTED. HOWEVER, I SETTLED THIS CASE DUE TO THE ONGOING COSTS OF LITIGATION.