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Lincoln Financial Advisors suffers multimillion losses

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Lincoln Financial Advisors suffered a multimillion dollar loss in a Exchange Traded Funds (ETF) claim in Los Angeles. The brokers include John Marshall and Rollance Verkennis. The investments included Mount Yale Large Cap funds, Johnston Asset Management, Kinetics Advisors and others.

Lincoln Financial Advisors lost over $4,425,000 in an arbitration alleging misrepresentation, failure to supervise on stocks, private equities and limited partnerships. Lincoln Financial Advisors also lost more than $728,000 in an arbitration alleging breach of fiduciary duty, and negligence.

Lincoln Financial Advisors, because of the corporate relationship to a large, national insurance company, and the variety of products offered, has a significant level of seniors and successful investors. That combination can be a tempting target for a broker who is too willing to push products that are not right for the customer, but which probably have a higher than ordinary commission schedule to the broker. Many seniors buying life insurance for estate or family needs have a greater amount of assets than the ordinary senior, and are again, a tempting target.

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