Tag Archives: LPL Financial Corp. complaint

Erryn Barkett-Former LPL Financial Broker-Discloses Pending Customer Suits-The Woodlands, TX/Fincastle, VA

February 2018-The Woodlands, TX -Fincastle, VA

According to publicly available records Erryn Michael Barkett , (CRD# 4102279) ,  a  currently unregistered stockbroker who was last employed by LPL Financial, disclose a recent regulatory sanction, 2 pending customer disputes, 3 prior customer disputes and 6 financial disclosures.

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 2/2016, Barkett was sanctioned by the Virginia State Corporation Commission who alleged the sale of  unsuitable and unregistered securities and the omission of  material information in the sale of those securities causing investors to lose $330,000. Barkett was ordered to pay restitution of $15,000 by the Virginia regulators.

Public records disclose that  Barkett’s prior employer  NEXT Financial Group paid over $310,000 to settle the claims of four customers who alleged that Barkett sold them fraudulent unregistered products involving structured military pension investments in Voyager Financial Group.

In pending FINRA Case 17-0132  customers of NEXT Financial Group are seeking damages of $310,000 and allege that between 2009 and 2013 Barkett recommended that they invest in various fraudulent companies and recommended nearly $650,000 in illiquid and poor performing alternative investments, REITs and annuities.

In a case pending in Botetourt County Circuit Court in Fincastle, VA, a customer of NEXT Financial Group has filed an action seeking damages of $78,000 alleging that Barkett sold unregistered securities in a military pension product that were not suitable.

Barkett was employed by NEXT Financial Group 3/2008-1/2013 and with LPL Financial 1/2013-8/2017.

If you have questions about an account handled by Erryn Michael Barkett, contact us to learn how damages may be recoverable 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

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

January 2018 – Beaumont, Texas

TEXAS STATE SECURITIES BOARD SUSPENSION-On January 30, 2018 Texas Securities State Securities Board (TSSB) Commissioner Travis J. Iles entered a Disciplinary Order  suspending Jason N. Anderson, a former LPL FInancial stockbroker, for charging  unreasonable fees to clients.

The order suspended Anderson for 90 days.

According to the Texas order, Anderson, while employed by LPL Financial LLC, recommended an active-trading strategy based on an analysis of a stock’s current price compared with its historical prices. He recommended the active-trading program to clients who had stated their preference for growth with a moderate amount of risk.

The TSSB order alleged that the active-trading program recommended by Anderson would have had to generate extraordinary returns just to offset the trading costs and commissions paid to Anderson. In one example, a client’s costs were nearly 30% of the equities held in the account.

FINRA SUSPENSION– In October 2017 Jason N. Anderson was suspended indefinitely by FINRA who noted on his official record: “Respondent Anderson failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

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 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

Erryn Michael Barkett-Former NEXT FInancial Broker-Discloses Sanctions and Customer Disputes Over Unregistered Securities-The Woodlands, TX

February 2017-The Woodlands, TX and Fincastle, VA

According to publicly available records Erryn Michael Barkett , (CRD# 4102279) ,  a  stockbroker who is employed by LPL Financial, disclose that he was sanctioned by the Virginia State Corporation Commission who alleged that he sold unsuitable and unregistered securities and omitted material information in the sale of those securities causing investors to lose $330,000.

Barkett was ordered to pay restitution of $15,000.

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.

Public records disclose that  Barkett’s prior employer  NEXT Financial Group paid over $310,000 to settle the claims of four customers who alleged that Barkett sold them fraudulent unregistered products involving structured military pension investments.

In pending FINRA Case 17-0132 a customer of NEXT Financial Group is seeking damages of $310,000 and alleges that between 2009 and 2013 Barkett recommended that they invest in various fraudulent companies and recommended nearly $650,000 in illiquid and poor performing alternative investments, REITs and annuities.

If you have questions about an account in an account handled by Erryn Michael Barkett, 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

Steve D. Heath-Former LPL Financial Broker-Discloses Termination From Employment

July 2016-Newport News, VA

The FINRA records of Steve D. Heath ,  a  stock broker who is currently  employed  by Capitol Securities Management  , disclose 2 terminations and one final financial event.

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.

Heath discloses that in August 2014 he was discharged by Stratos Wealth Partners and LPL Financial .

Stratos Wealth Partners made the following allegation in connection with the discharge: “Termed by broker dealer-violation of LPL firm policies regarding mutual fund trading and discretionary trading in brokerage accounts”.

LPL Financial made the following allegation in connection with the termination: “Violation of firm policies regarding mutual fund trading and discretionary trading in brokerage accounts.”

Heath has been employed by Capitol Securities Management since 10/2014. Prior to that he was employed by LPL Financial from 4/2008-9/2014.

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

Larry S. Werbel Discloses Customer Dispute Over Investment in VGTL and QLTS

UPDATE August 2016-Disclosure that another customer dispute has been filed. In July 2016 a customer of LPL Financial alleged damages of $19,995 for unsuitable penny stock trading and failure to disclose high risk strategy.

June 2016-Chagrin Falls, Ohio

According to FINRA records,  Larry S. Werbel   a stockbroker  who  was most recently  employed by Concorde Investment Services. He discloses  3 prior final regulatory events,  one pending criminal matter, 2 pending customer disputes and 4 terminations from employment in the securities industry.

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.

As of June 6, 2016, Werbel was suspended from associating with any FINRA member firm in any capacity for failing to respond to a FINRA request for information in connection with an investigation. If Werbel does not respond within 3 months he will be permanently barred.

Werbel was indicted in January 2016 for defrauding investors and charged with securities fraud, conspiracy to commit wire fraud and other charges in the US District Court for the Southern District of New York in Manhattan.

In currently pending FINRA Case 16-1232, a customer while Werbel was employed by LPL Financial   alleges damages of $74,518 for losses on unsuitable investments.

In another currently pending matter,   a customer while Werbel  was employed by LPL Financial and Summit Brokerage Services,  alleges damages of $661,800 for negligence and unsuitability in recommendation of penny stocks VGTL and QLTS, between 2010-August 2013.

Werbel was discharged from Concorde Investment Services in January 2016. The firm made the following allegation:
“Discharged after internal review initiated upon learning Rep was indicted for defrauding investors prior to association with the firm.”

If you have questions about an account handled  by Larry S. Werbel, call for a no charge consultation.

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

Richard Poston-Former H. Beck Broker-Discloses Settlement with Customer-Plano, TX

Plano, Texas

UPDATE APRIL 2017-FINRA records reveal that Richard E. Poston is not currently registered as a broker. In July 2016, FINRA case # 16-0766, see below,  was settled for $185,000.

ORIGINAL POST JUNE 2016According to FINRA records, Richard E. Poston, a broker who worked for H. Beck, Inc. in Plano, Texas , until he was  discharged in December 2015  for failing to cooperate with an internal investigation, has recently been named in a 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 March 2016 a customer of  H. Beck, Inc. has instituted FINRA Case# 16-0766 seeking $200,000 in damages. The customer claims that he was sold an unsuitable concentration of illiquid investments in non-traded real estate investment trusts (REITs) between 10/2007-9/2015.

Poston’s FINRA record also discloses that on December 11, 2015, FINRA made a preliminary determination that disciplinary action be brought against Poston alleging potential violations of FINRA Rules 2010, 2150, 3240 and 8210. Wells Notice Examination #20150455785.

Poston is not currently employed in the securities industry as of July 5, 2016.

In 2009, Poston reports he was discharged from a Chapter 11 bankruptcy protection in the Eastern District of Texas.

Poston was employed by H. Beck, Inc. from  3/2010 until his discharge in 12/2015. Prior to that he worked for a number of other brokerage firms in the Plano area, including GunnAllen Financial and LPL Financial. 

Investors with  losses in accounts handled by Richard E. Poston , may be able to recover damages through FINRA arbitration. FINRA arbitration is a method of dispute resolution that is typically much shorter in duration 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

Jeremy J McGilvrey-Former NEXT Financial Broker Claims he Has Paid Restitution to Fraud Victims-San Antonio

San Antonio, Texas

August 6, 2015

KENS 5 Eyewitness News of San Antonio reports that Jeremy James McGilvrey claimed in an interview last month that he has paid restitution to his victims. His victims dispute that claim and say they have not yet been paid.

In 2009, McGilvrey, 38, signed a plea agreement consolidating multiple felony counts for stealing more than $1 million from elderly clients. According to the Texas State Securities Board, McGilvrey took money from the victims who believed it was being invested in promissory notes and other investments. Instead he used the money for personal expenses including five-figure payments to Las Vegas casinos and the purchase of a Mercedes Benz.

According to FINRA records, McGilvrey, who operated under the dba of Hill Country Wealth, Inc.  was most recently registered as follows:

  • NEXT Financial Group                         6/2008-5/2009
  • LPL Financial Corp.                                 1/2006-6/2008
  • Raymond James Financial                 10/2002-1/2006

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