EDWARDSVILLE – Edwardsville residents Russell and Shelley Gilliland are suing Cornerstone Securities funding advisor consultant Alan Thomilson for fraudulent misrepresentation.
In response to the official court docket submitting, the Gillilands first met Thomilson, who was with OneAmerica Securities, in late 2009. The couple agreed to turn out to be Thomilson’s advisory shoppers and would pay him annual property in trade for Thomilson appearing as their fiduciary in making funding suggestions. On the time, the Gillilands have been long-term development traders who had saved roughly $450,000 and wished for that quantity to develop available in the market.
Thomilson established two separate brokerage accounts. The primary was for Shelley Gilliland and initially was funded with roughly $175,000. The second was a joint account and held roughly $175,000. Throughout this time, Thomilson beneficial that the Gillilands spend money on a “CD alternative fund” within the quantity of $100,000. Nonetheless, the fund was allegedly an Allianz variable annuity with an earnings rider, one thing that Thomilson did not inform the plaintiffs.
From when the plaintiffs first grew to become his shoppers till December 2010, Thomilson allegedly used the cash within the brokerage accounts to make a collection of purchases of particular person shares and bond funds. By the tip of 2010, the Gillilands declare to have owned a basket of roughly 19 or so particular person, largely blue-chip shares and positions in municipal bond funds.
The Gillilands are suing Thomilson for fraudulent misrepresentation/omission, violation of the 1934 Securities Act, negligent misrepresentation, breach of fiduciary obligation, violation of 815 ILCS 5/12, and breach of the obligation of suitability. They’re searching for a collective monetary sum of over $250,000 along with authorized charges and different rewards that the court docket deems acceptable.