Voya Financial Advisors Stockbroker Fired For Unauthorized Trading
Robert Daniel Witt, of Libertyville, Illinois, a stockbroker registered with Voya Financial Advisors, Inc., has been terminated from employment on October 14, 2016, based upon the firm’s allegations that transactions were effected by Witt in a customer account despite the customer never having provided Witt with authorization.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Witt has been named in five customer initiated investment related disputes regarding allegations of Witt’s wrongdoing while associated with ING Financial Partners, Inc. and Voya Financial Advisors, Inc. Specifically, on May 4, 2009, a customer filed an investment related written complaint involving Witt’s conduct, in which the customer requested $116,792.50 in damages based upon allegations that Witt failed to apprise the customer about fees charged in the customer’s account, and invested the customer’s funds in a manner that had been inconsistent with Witt’s previous representations to the customer.
On October 27, 2011, another customer initiated investment related written complaint regarding Witt’s activities was resolved for $20,000.00 in damages based upon allegations of poor investment performance, unreasonable investment strategy, and excessive charges in the customer’s account. Subsequently, on October 12, 2016, a customer initiated investment related written complaint involving Witt’s conduct was settled for $2,163.49 in damages based upon allegations that Witt inappropriately advised the customer’s concerning investments in stocks and variable annuities.
Further, on November 29, 2016, a customer initiated investment related written complaint regarding Witt’s activities was resolved for $14,530.15 in damages based upon allegations that Witt made unsuitable recommendations concerning a variable annuity, unreasonably utilized margin in the customer’s account, and failed to abide by the customer’s investment instructions. Moreover, on February 27, 2017, a customer initiated investment related written complaint involving Witt’s conduct was settled for $3,674.65 in damages based upon allegations that he traded in the customer’s margin account in an overly speculative manner, and failed to properly diversify the customer’s holdings.
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