Tag Archives: lpl financial arbitration

Joeann Walker-Former LPL Financial Broker-Sanctioned Over Annuity Sales-Brockton, MA

December 2017-Brockton, MA

According to FINRA  records Joeann M. Walker, (CRD# 2210194) ,  a   stockbroker who formerly worked for NEXT Financial Group and LPL FInancial  was barred from the securities industry for failing to cooperate with a regulatory investigation.

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.

According to FINRA Letter of Acceptance Waiver and Consent #2016049354501 , FINRA requested financial records and other documents from Walker in connection with an inquiry into the unsuitable sales of variable annuities to one of Walker’s clients. While Walker did provide some documents to FINRA , and  acknowledged that her response was incomplete, she refused to cooperate fully, resulting in a bar from the securities industry.

In 11/2016 a customer of NEXT Financial Group and LPL Financial alleged unauthorized sales of stocks, unauthorized and unsuitable purchases of variable annuities and unauthorized mutual fund switches. That matter was settled for $175,000, with Walker contributing $50,000 toward the settlement.

 

 

Walker was employed by LPL Financial from 8/2006-4/2015 and by NEXT Financial Group from 4/2015-11/2017.

If you have questions about an account handled by Joeann M. Walker, contact us 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

Thomas H. Oliphint-Discloses Discharge from LPL Financial-San Antonio, TX

October 2017-San Antonio, TX 

We are currently investigating Thomas H. Oliphint , (CRD#1172870) ,  a  stockbroker who is not currently registered and who last was employed by LPL Financial until he was discharged for violation of firm policy regarding outside business activities in 11/2016. .

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.

Oliphint’s FINRA record discloses  2 prior customer disputes that were either denied or closed.

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

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

October 2017-San Antonio, TX

We recently filed a Statement of Claim with the Financial Industry Regulatory Authority (FINRA) against LPL Financial on behalf of a retired widow from the Austin, Tx , area, alleging that LPL Financial failed  to supervise the actions of former 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. The subject account was over concentrated with energy securities.

In February 2017 Spangler was discharged by LPL Financial. LPL made the following allegation on Spangler’s  FINRA record:

“Exercising discretionary power in customer account(s) in violation of firm policy. “

Sanders Spangler had worked for  LPL Financial since 10/2005. As of November 2017, Spangler is not currently registered as a stockbroker with any broker dealer.

Brokers have a responsibility to make suitable recommendations to customers, taking into account their age, net worth, investment experience and risk tolerance. Oil and gas investments can be very risky and over concentrating the account of a retiree in such investments is generally not appropriate.

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

Most brokerage 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.  To avoid regulatory issues and to comply with firm policy, permission to trade a customer’s account without obtaining the authority from the customer must be granted by the customer to the firm in writing.

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