Category Archives: LPL Financial

Jason Anderson, Former LPL Financial Broker, Named in Unauthorized Trading/Churning Suit-Beaumont, TX

October  2017 – Beaumont, Texas

In May 2017, two elderly former customers of LPL Financial filed a class action lawsuit against LPL Financial and their former broker Jason N. Anderson seeking damages on behalf of  current and former clients of Anderson. The suit alleges unauthorized trading, churning and mismanagement of customer accounts from 4/2007-1/2016.

LPL Financial challenged the suit that was filed in Jefferson County, TX, and  the case was removed to federal court for the Eastern District of Texas. In August 2017, the case was  remanded back to the 58th Judicial District Court of Jefferson County, Texas.

According to his FINRA  record, Anderson worked for LPL Financial from 2007 until January 2016 when he was fired for for conducting discretionary trading in customer accounts, in violation of firm policy.

Following his discharge from  LPL Financial, Anderson was employed by Kovack Securities for a few months,  1/2016-5/2016. Kovack Securities discharged Anderson because they found incomplete signed documents during a firm audit.

Anderson then joined IFS Securities from 5/2016-4/2017. He is not currently registered with any firm.

A discretionary account is one that allows a broker to buy and sell securities without  first obtaining the client’s consent. Discretionary trading generally requires that permission be granted by the client in writing.  Most accounts are non discretionary, meaning the broker is required to consult with the customer and obtain permission before executing trades. Trades made in non discretionary accounts without consulting with the customer are unauthorized trades.

Investor suits for damages are generally required to be pursued in arbitration before the Financial Industry Regulatory Authority (FINRA) in accordance with the new account agreement customers sign when opening an account. FINRA arbitration is a method of dispute resolution that is generally much more expedient and less costly than court litigation.

If you had an account with Jason Anderson and suffered losses due to unauthorized trading, churning, mismanagement or other reasons, contact us to learn how you may be able to recover damages from his prior employer.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Sanders Spangler’s Employer-LPL Financial-Named In Litigation Claim-San Antonio, TX

October 2017-San Antonio, TX

On behalf of a retired widow from the Austin, Texas area, Rex Securities Law recently filed a Statement of Claim with the Financial Industry Regulatory Authority (FINRA) against LPL Financial for failing to supervise the actions of San Antonio stockbroker Sanders Spangler. FINRA Case#-17-01513.

The FINRA suit, which seeks damages of between $100,000 and $500,000,  alleges that Spangler made unsuitable investments and traded the victim’s IRA account without her knowledge or authority.

A few months ago, in 2/2017 Spangler was discharged by LPL Financial who made the following allegation on his FINRA record: “Exercising discretionary power in customer account(s) in violation of firm policy. “

Sanders Spangler was with LPL Financial from10/2005-3/2017.

If you have losses in an account in an account handled by Sanders Spangler , you may be able to recover damages through FINRA arbitration.

EXERCISING DISCRETION

In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with firm policy, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or sale in the account.

FINRA ARBITRATION

Arbitration is an alternative to litigation or mediation in order to resolve a dispute over damages when a customer has suffered losses due to the negligence or fraud of a stockbroker. The process is much more expedient and far less costly than court litigation.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Judy K Morehead-Former Navarre Beach Chamber CEO-Charged With Securities Fraud-Navarre Beach, AL

June 2017-Navarre Beach, Alabama

The Alabama Securities Commission announced that Judy Kay Morehead of Henry County, Alabama, turned herself in to the Henry County Jail upon an arrest warrant charging her with Conspiracy to Commit Securities Fraud, Sale of Securities by an Unregistered Agent, Fraud in Connection with the Sale of Securities and other offenses. Morehead was released on $40,000 bond.

Follow this link to see Alabama Securities Commission press release. 

Judy Morehead resigned Thursday from her position as Navarre Beach Chamber of Commerce president and CEO. She allegedly took money from investors and spent it on personal debts and expenses.

Morehead’s husband Stanley and son Benjamin were also arrested for securities fraud.

According to FINRA records, Judy Kay Morehead  (CRD# 2254549) was previously a licensed securities broker who employment includes Ameriprise Financial Services, LPL Financial and Edward Jones. She was last registered as a broker in 6/2012.

If you have questions about an account handled by Morehead, call to learn about your legal options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Christopher S. Laws-Former BCG Securities Broker-Named in SEC Complaint-Alpharetta, GA

Alpharetta, Georgia

AUGUST 2017 UPDATE-The Securities and Exchange Commission (SEC) charged Christopher S. Laws and three other Atlanta area brokers with fraudulently inducing federal employees to roll over holdings in their federal Thrift Savings Plans (TSP) retirement accounts into higher-fee variable annuity products. Here is a link to the SEC complaint. 

Also named in the SEC complaint are:

  • Keystone Capital Partners Inc. d/b/a Federal Employee Benefit Counselors
  • Jonathan Dax Cooke-Previously with BCG Securities, LPL Financial.
  • Danny S. Hood-Previously with BCG Securities, Summit Brokerage Services, LPL Financial, Valic Financial
  • Brandon P. Long-Previously with BCG Securities and LPL Financial.

 

ORIGINAL POST-June 2017-According to publicly available records Christopher S. Laws , (CRD# 4479529) ,  a  currently unregistered stockbroker who last worked for BCG Securities  , discloses a prior customer dispute, a current regulatory investigation 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 8/2016 the U.S. Securities and Exchange Commission began an investigation alleging that Laws did not make full disclosure that his entity was not affiliated with the federal government when offering investment products to clients and that he improperly notarized customer documents.

In 10/2014, Laws was discharged from LPL Financial who alleged: “concerns regarding business practices, including communications with customers.”

Christopher Laws was employed by BCG Securities 12/2014-4/2017 and with LPL Financial 7/2005-12/20014. Laws discloses a business affiliation with Keystone Wealth Management and Federal Employee Retirement Counselors.

If you have questions about an account handled by Christopher S. Laws, Brandon P. Long, Danny S. Hood or Jonathan D. Cooke call to discuss your options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Charles R. Elhoff-LPL Financial Broker-Discloses Pending Customer Dispute-Arlington, TX

June 2017- Arlington, Texas

According to publicly available records Charles R. Elhoff, Jr.  (CRD#76936) ,  a  stockbroker who currently is employed by  LPL Financial,   discloses  a currently pending customer dispute and a prior customer dispute.

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 the currently pending matter a customer of Elhoff’s prior employer H. Beck seeks damages in a currently unstated amount for unsuitable illiquid investments in direct investments and limited partnerships purchased in 2009.

Charles R. Elhoff, Jr.  has been employed by LPL FInancial since 6/2014. His prior employment includes VSR Financial Services and H. Beck, Inc.

If you have losses  in an account handled by Charles R. Elhoff  contact us to discuss your legal options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Sanders Spangler’s Employer-LPL Financial-Named In Litigation Claim-Austin, TX

June 2017-Austin, TX

On behalf of a retired widow from the Austin, Texas area, Rex Securities Law recently filed a Statement of Claim with the Financial Industry Regulatory Authority (FINRA) against LPL Financial for failing to supervise the actions of San Antonio stockbroker Sanders Spangler. FINRA Case#-17-01513.

The FINRA suit, which seeks damages of between $100,000 and $500,000,  alleges that Spangler made unsuitable investments and traded the victim’s IRA account without her knowledge or authority.

A few months ago, in 2/2017 Spangler was discharged by LPL Financial who made the following allegation on his FINRA record: “Exercising discretionary power in customer account(s) in violation of firm policy. “

Sanders Spangler was with LPL Financial from10/2005-3/2017.

If you have losses in an account in an account handled by Sanders Spangler , you may be able to recover damages through FINRA arbitration.

EXERCISING DISCRETION

In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with firm policy, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or sale in the account.

FINRA ARBITRATION

Arbitration is an alternative to litigation or mediation in order to resolve a dispute over damages when a customer has suffered losses due to the negligence or fraud of a stockbroker. The process is much more expedient and far less costly than court litigation.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870