Christopher Hibbard, Former Merrill Lynch Advisor Sentenced to 8 Years in Prison

Former Merrill Lynch Advisor Christopher Hibbard, Convicted of Fraud

The White Law Group continues to investigate potential securities fraud claims involving former Merrill Lynch advisor Christoper Hibbard of Louisville, KY, and the liability Merrill Lynch may have for failure to supervise his alleged activities.

Hibbard, 44,  was indicted in federal court on November 8, 2018  for an alleged $4.4 million fraud scheme. He was reportedly charged in the U.S. District Court for the Western District of Kentucky with one count of investment advisor fraud and nine counts of wire fraud, according to reports.

According to an article in the Business Journals on December 17, 2020, Chris Hibbard was sentenced to a little more than eight years in prison on Thursday. 

Hibbard was accused of devising a scheme to defraud clients by making unauthorized transfers of funds from their accounts to his personal credit card, according to the indictment.

Further, Hibbard allegedly attempted to hide his activities by providing false and misleading information to his clients when they questioned him.

The $4.4 million alleged scheme began in 2007 and continued through December 2017, according to the indictment.

According to his BrokerCheck report, Hibbard was reportedly registered with Merrill Lynch in Louisville, Kentucky from 2010 until he was fired in January 2018 for “unauthorized transactions and theft.” He reportedly  has ten customer disputes filed against him, with 5 still pending. Allegations include unauthorized trades, unsuitable investment recommendations, failure to follow instructions, and misrepresentation, embezzlement, and forgery, among others. 

FINRA reportedly barred Hibbard from the securities industry in May 2018 after 3 months of suspension.

Recovery of Financial Losses

Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Hibbard’s former employers failed to properly supervise him, the firm may be held responsible for investment losses in a FINRA arbitration claim.

If you have suffered losses investing with Christopher Hibbard the securities attorneys at The White Law Group may be able to help you. For a free consultation to discuss your litigation options, please call our offices at 1-888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois. For more information please visit us on the web at www.whitesecuritieslaw.com.