Lyle Boudreaux Investigation
July, 2022 – Houston, TX
The FINRA records of Lyle J. Boudreaux a former broker who was previously employed by Independent Financial Group, discloses a regulatory event , 5 prior customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 12/2020, Case #REG20-DEN-o5 was filed by the Texas securities regulators alleging that Boudreaux traded leveraged ETFs in certain clients accounts and concentrated these client account holdings in high-risk ETFs which were held for periods much longer than one day. Ultimately, these clients incurred significant losses. Texas regulators denied his application for registration.
From 5/17 to 10/19, five customer disputes were filed by Independent Financial Group customers alleging among other things: suitability, breach of fiduciary duty, mismanagement, failure to disclose material information with regard to ETFs and an alternative investment, inappropriate investments, violation of Texas securities laws and negligence, these cases settled for about $572,000 collectively.
Boudreaux was employed with Independent Financial Group from 8/2012 until 1/2020. After leaving Independent Financial Group he was with TCFG Wealth Management for a short period of time from 2/2020-7/2020.
Earlier in his career he was discharged by Merrill Lynch who alleged that Boudreaux failed to update a client account to indicate that the client was deceased and he continued to execute transactions without proper authorization.
If you have questions about an account handled by Lyle Boudreaux, call for a no charge consultation with an experienced securities attorney .
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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