Tag Archives: lpl financial arbitration

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

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

Thomas H. Oliphint-Former LPL Financial Broker-Discloses Customer Disputes and Termination From Employment-San Antonio, TX

April 2017-San Antonio, TX 

According to publicly available records Thomas H. Oliphint , (CRD#1172870) ,  a  stockbroker who is not currently registered and who last was employed by LPL Financial  discloses  2 prior customer disputes and a recent 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.

Thomas H. Oliphit was employed by LPL Financial  from 8/2006-12/2016. In 1/2016 Oliphint was discharged by LPL Financial who made the following allegation on his FINRA record: “Violation of Firm policy regarding outside business activity”

Oliphint’s  prior securities industry employment includes, MML Investor Services and New England Securities. He discloses business affiliation Grand Purpose Advocate.

If you have questions about  an account handled by Thomas H. Oliphint 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

George Warner-Summit Rockwall Wealth Managers-Discloses Regulatory Sanction/Discharge From Employment-Rockwall, TX

April 2017-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is not currently registered with any broker dealer disclose a regulatory event, a prior customer dispute and 2 terminations 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 4/2017 Warner was fined $5,000 and suspended for 30 days by FINRA to resolve allegations that he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The findings stated that Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and or annual income on new account forms, alternative investment forms, and an IRA application. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , Warner settled a customer dispute for $225,000. The customer alleged that he made an error in connection with the purchase of CIT bonds versus Citi Corp. bonds.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisors who made the following allegation on his FINRA record: “Rep corrected client documents after client signature. ”

In 6/2013 Warner was discharged from LPL Financial who made the following allegation on his FINRA record: “Employment terminated by related bank program for obtaining client signatures on blank account transfer forms. ”

George Warner’s employment history includes:

  • Dominion Investor Services               3/2017-4/2017
  • IFS Securities                                               12/2014-3/2017
  • NFP Advisor Services                               7/2013-12/2014
  • LPL Financial                                                 4/2003-6/2013

Warner discloses a business affiliation with Summit Rockwall Wealth Managers LLC. 

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

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

Nghi Thanh Ho -IMS Securities Broker-Discloses Customer Dispute- Houston, TX

April 2017 – Houston, TX

According to publicly available records Nghi Thanh Ho,  (CRD#2327672) ,  a  stockbroker who is currently registered with IMS Securities  discloses one pending customer dispute and a separation 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 February 2017,  a customer of IMS Securities filed a claim alleging damages of $175,400 for  misrepresentation by Nghi Thanh Ho in connection with an investment in  variable annuities.  

Nghi Thanh Ho has been employed by IMS Securities since 9/2012. His prior employment includes Next Financial Group, Inc, LPL Financial and Edward Jones. He discloses a business relationship with Royal Oaks Financial Group of Houston, TX. 

In 3/2009 Nghi T. Ho was discharged by LPL Financial who made the following allegation: “Discharged for violating firm policy relating to the borrowing of funds from a client.”

IMS Securities has been a FINRA member since 1994 and is headquartered in Houston, TX. They have about 105 associated persons and 57 branch offices.

If you have questions about an account in an account handled by Hghi Thanh Ho, 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

LPL Financial Ordered to Pay $3.7M Over Variable Annuity Sales-Polaris Platinum III

UPDATE Jan 2017LPL Financial  ordered to pay up to $3.7 million in restitution and fines as a result of an investigation into sales of unsuitable variable annuities by former top producer, Roger Zullo.

Original Post –December 2016- Boston, MA

LPL Financial LLC and one of its former brokers Roger S. Zullo were named in an administrative complaint filed by Massachusetts’s securities regulator William Galvin alleging that LPL Financial failed to supervise Zullo who allegedly commited fraud in selling unsuitable variable annuities to retirees.  Link to Massachusetts complaint. 

According to the Massachusetts complaint:

  • Zullo fabricated the financial suitability profiles of numerous LPL clients, selling them scores of large, illiquid, unsuitable, high commission variable annuities, thereby generating large profits for LPL and Zullo, to the detriment of retiree victims.
  • Over a three year period Zullo and LPL received over $1.8 million in commissions on the sale of variable annuities, nearly all of which was generated from one annuity product, the Polaris Platinum III (B shares)
  • “Zullo’ s greed for commissions at times led him to disregard the well being of his clients. Zullo knew one client personally for more than twenty years – a single, retired healthcare worker, with no financial sophistication, no assets at her disposal except those in Zullo’s hands,  and no nearby family to assist her financially. In 2008, Zullo sold the client a variable annuity, which thereafter generated income payments that the client relied on as her primary source of income. In 2015, with the client past the age of 80 and experiencing cognitive impairment, and with the client seeking out assisted living arrangements, Zullo had the client meet him at a subway station near his office to sign paperwork for a switch into a new variable annuity with a fresh, seven-year surrender schedule. The switch was unnecessary, unsuitable, and unwanted; cost the client $1,391.03 in surrender charges; and deprived the client of income she relied on to pay for the basic costs of living.”

Zullo was discharged by LPL Financial in 12/2016 following the filing of the Massachusetts complaint.

If you have questions about an annuity, including Polaris Platinum III,  you purchased from LPL Financial, call to learn about options for recovery of damages.

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