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FINRA Barred Former Wilbanks Securities Financial Advisor, Larry Crabtree, For Failing To Appear And Provide Testimony In FINRA Investigation

Larry Crabtree was a financial advisor at Wilbanks Securities in Edmond, OK.  Larry Crabtree has been in the securities industry since 1994 and previously worked at WFG Investments, Inc., Capital West Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith, Capital West Securities and Robert Thomas Securities.   

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Rand Heckler has two customer complaints alleging sales practice violatyions.  In addition, Larry Crabtree has been the subject of a regulatory action, which has resulted in him being barred from the securities industry. 

In June 2019, Larry Crabtree “failed to appear and provide FINRA on-the-record testimony as requested during the course of an ongoing investigation into whether he converted funds.”  FINRA barred Larry Crabtree indefinitely from acting as a broker or otherwise associating with a broker-dealer firm. 

For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2017055858301%20Larry%20Michael%20Crabtree%20CRD%202479599%20AWC%20va.pdf.

FINRA suspended Larry Crabtree for six months in December 2015 for “incorrectly stat[ing] a customer’s income and net worth on new account form and Crabtree’s failure to accurately record his customer’s financial information on the form…” 

In addition to the regulatory events, Larry Crabtree has been the subject of two customer complaints, alleging the following:

  • September 2013 – “CLIENT ALLEGES UNSUITABLE RECOMMENDATIONS ON HER RETIREMENT ACCOUNT FROM 2009-2013.”  The matter settled for $70,000.

For a copy of Larry Crabtree’s CRD, click https://brokercheck.finra.org/individual/summary/2479599.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

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