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LPL Financial – Additional Broker Fines

lpl-financialLPL Financial – Additional Broker Fines. These brokers have significant discipline or regulatory records.  StockBrokerLawyer.com seeks to review the accounts of any customers with losses of these brokers because of the heightened concerns.
LPL Financial broker Greg John Campbell (December 2013 AP-13-21).  Greg Campbell was with LPL from October 28, 2011 to October 31, 2012 at the LPL Financial branch at Three City Place Drive, Creve Coeur, Missouri 63141.  Regulators found issues with seven accounts held by five LPL Financial customers.  These issues included unauthorized activity in the accounts, opening accounts with forged documents, eighteen IRA Distribution Forms with forgeries, fifty-five unauthorized transfers, and address changes that were false and unauthorized.  LPL Financial was censured and fined $175,000 because of its lack of superveision of its stockbroker, Greg Campbell.
LPL Financial broker David Lisnek, supervision failures, failures to detect and react to red flags,  in Illinois.  LPL Financial was ordered to pay a fine of $500,000 and $315,000 in restitution.   (October 2014 1200385) This broker engaged in fraud with senior citizens, brokered unapproved transactions, and borrowed client funds.  LPL Financial failed to properly supervise the stockbroker, missed facts that when viewed together constituted multiple cautionary indicators (“red flags”) and the potential for improper conduct.  LPL Financial’s failure to supervise this broker was particularly serious because of LPL Financial’s failure to supervise and failure to detect improper conduct of other stockbrokers in Illinois.  (2011, LPL Financial Lin, Case #1000096 and 2010 LPL Financial/Walker Case #0800381.)
LPL Financial was fined $250,000 and ordered to pay more than $1,800,000 in restitution to customers of LPL Financial for failing to properly supervise Arthur Lin, a stockbroker of the company, in Illinois.  (October 2011 10000096).
LPL Financial was fined $300,000 for its failure to properly supervise Illinois stockbroker Stephen Walker, and ordered to pay $167,000 in restitution to customers.  This stockbroker recommended unsuitable oil and gas drilling limited partnership investments.
LPL Financial was fined $25,000 by the state regulator and ordered to pay a customer because it failed in its supervision of Neal Von Nickels, who was a stockbroker for LPL Financial in Springfield,  Missouri, from 1987 through 2010.  The failure to supervise involvement variable annuities and how the variable annuity investment would work.  The stockbroker misrepresented the terms of the annual withdrawal feature and the possible effects of withdrawals during a down market on the lifetime income guarantee.  LPL Financial changed its supervision activities for variable annuities to better comply with its requirements.  (Missouri AP-10-16).
LPL Financial was fined $400,000 by the Pennsylvania state regulator for failing to properly supervise two stockbrokers who sold securities in violation of the state act.  (December 2011 2009-10-06).
LPL Financial was fined $150,000 and ordered to pay restitution of over $1,100,000 for in Montana failing to properly supervise stockbroker.  (SEC 2009-46).  The LPL Financial stockbroker Donald Chouinard worked for the firm from May 17, 2004 through May 12, 2009.  Donald Couinard was improperly supervised, and engaged in mutual fund activity, including mutual fund switching, trading in customer accounts without authorization; trading excessively in customer accounts; taking money from customer accounts for a day trading program and not accounting for it; misrepresenting the values of customer investments, and other wrongful activities.
LPL Financial was fined $10,000 for its stockbroker Jason Scott Williams in Kahului, Maui, Hawaii not telling customers that LPL Financial products were not bank products, and were not guaranteed.  (SEU-2007-73)
LPL Financial was fined $125,000 for failing to supervise stockbroker Phillip S. Eggers, of Frisco, Texas, LPL Financial sold to six customers who had retired from their jobs at Procter & Gamble, and rolled over their profit sharing plan accounts to IRA, and set us for Section 72(t) withdrawal.  At times, LPL Financial used discretions, without written authority, to make certain transactions, and distributed misleading sales literature to the customers.  This was one of the early discipline cases where a stockbroker recommended retirement to active workers, that they could retire and the firm and broker could manage their accounts in such a way that the retiree could withdraw from the account as much or more than the salary they were receiving.  Part of the illustrations used by the broker showed an average return of 8% with even higher returns.   (E062004027401).
LEAF Financial Corporation LPL Financial Recommended Investments
StockBrokerLawyer.com is conducting an investigation and search for witnesses into LPL Financial’s sales of LEAF.  LEAF Financial Corporation, was sold through stockbroker Angelo Talebi and/or Artin Bandari, in Beverly Hills, California.  LEAF was a financial product offered to certain customers in 2008 through 2010.  LEAF provided equipment leases to other companies.  The customers investments in LEAF were to pay a rate of return each quarter and be a secure investment.  Instead, the payments dropped off, until they ended, and the company failed.  Many investors who were sold into LEAF apparently did not have the proper financial qualifications to be sold LEAF.
LPL Financial was fined $1,116,000 for not supervising its brokers to be sure that brokers got the lowest prices on share classes of mutual funds for the customers, including missing opportunities for breakpoints.  (SEC 3-11401)  LPL Financial was fined $2,232,000 for not supervising its brokers and not getting customers the best prices, in selling mutual funds.
Tenancy-in-Common or TIC Problems.
LPL has sold a significant amount of Tenancy-in-Common or TIC investments.  These are outside investments, where the money goes into an outside company.  With a TIC, a group of investors own a large commercial property, each owning a portion of the whole.
LPL Financial stockbroker David William Hart, (David W. Hart) Charlotte North Carolina.  This is a Tenancy-in-Common TIC claim for Braintree Park, sponsored by Direct Invest, with a claim over $1,000,000.  (14-02097).  This arbitration was concluded in June 2015 for $725,000.  A TIC Tenancy-in-Common investment is an illiquid investment that can require additional money to just maintain the position.  Before a broker recommends a TIC, there needs to be both substantial due diligence and consideration if the financial product is right for each customer.

If you have losses in your account with LPL Financial as your financial advisor, call (888) 986-7199 or write the investment recovery lawyers at StockBrokerLawyer.com for a free no-cost consultation. We can help recover your losses and seek other damages, too.

You can use the email form or chat on StockBrokerLawyer.com You may be entitled to recover your losses. We work on contingency: we are paid only when you are paid. Time is limited; delay is the favorite defense of the brokerage firms. Call 888-986-7199 now to speak to an attorney for a no cost evaluation.


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