Wills allegedly borrowed $150,000 and accepted $19,500 in luxury travel gifts.
The Sonn Law Group is investigating allegations that Kerry Wills borrowed funds from clients. If you or a family member has suffered losses investing, we want to discuss your case.Please contact us today for a free review of your case.
Kerry Wills (CRD#:1353739) consented to the sanctions of a six-month suspension from the financial industry and a fine of $10,000. He also consented to the entry of findings that he borrowed $150,000 from a 90-year-old customer in violation of his member firm’s procedures.
The findings stated that at the time of the loan, the customer maintained accounts at the firm, and Wills was the broker of record assigned to the customer’s account. The loan was memorialized with a promissory note that provided for a ten-year term and a two percent interest rate.
Wills never disclosed the loan to his firm or otherwise sought an exemption from the firm’s procedures prohibiting the acceptance of a loan from a firm customer. Wills made one annual payment on the loan but the customer never cashed the check. The customer passed away six months later, leaving a trust document that provided for loan forgiveness.
The findings also stated that Wills accepted a gift of approximately $19,500 in luxury travel from the customer. Wills did not disclose the travel gifts on the firm’s gifts and gratuities logs, despite the requirement that he do so, in violation of the firm’s procedures.
Some customers financed the purchase of the investments by selling variable annuity contracts Matthes had sold them, incurring surrender fees. Some customers also sold life insurance, real estate and securities managed by another investment advisor.
Contact Us Today
The Sonn Law Group is currently investigating allegations that Kerry Wills borrowed funds from clients. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.