Tag Archives: lpl financial problems

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

Garrett “Drew” Ahrens- Former LPL Financial Broker-Discloses Sanction and Settlements Over REIT Investments-Lafayette, LA

May 2017- Lafayette, Louisiana

Garrett A. Ahrens  (aka Drew Ahrens) , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between January 2011 and June 2013, Ahrens prepared about 65 consolidated reports for at least four customers. The consolidated reports reflected the current value of investments including private placements and non-traded real estate investment trusts (REITs).

According to the AWC, the values of some of the investments were inaccurate and overstated the actual value of the accounts.

AWC No.  2013036001201

Ahrens was fined $5,000 and suspended for one month.

According to FINRA recordsAhrens  was registered with LPL Financial  from 6/1998 until 9/2015. He is not currently registered.

Ahrens discloses two prior customer disputes involving REITs that were settled.

In FINRA case 13-0316 a customer of LPL Financial alleged that limited partnerships and REIT investments were not suitable and that risks were not explained. That case was settled for $97,500.

In FINRA case 10-3678 a customer of LPL Financial alleged unsuitable investments in REITs (real estate investment trusts) , breach of contract, breach of fiduciary duty and other claims. That case was settled for $875,000.

If you have losses in an account handled by Ahrens, call to discuss your options with an experienced securities lawyer.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

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

 

Merrill Lynch Fined $175,000 For Failing to Timely Report Theft by Former Broker Greg Campbell

January 13, 2014-Clayton, MO.

Merrill Lynch  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that the firm failed to timely report to FINRA allegations that one of its brokers was stealing money from customer accounts.

In October 2011 a Merrill customer filed a written complaint that there was unauthorized activity in his firm IRA and his individual account which was being handled by broker Greg J. Campbell, of their Clayton, MO. branch,  who according to the AWC, misappropriated over $1.7 million from customers between May 2008 and October 2011.

Campbell left Merrill in October 2011 and joined LPL Financial in Creve Coeur, MO. , where according to FINRA records he misappropriated over $500,000 from customers at the new firm.

The AWC finds that in May 2012, after Campbell had moved to LPL Financial, Merrill Lynch received another customer complaint alleging unauthorized activity by Campbell in a Merrill account.  In October 2012 Merrill reported the two customer complaints to FINRA. Following this disclosure, Campbell was terminated from LPL Financial and barred from the securities industry.

Case # 2013037137602

FINRA Rule 4530(a) requires firms to ‘promptly report” customer complaints involving allegations of theft or forgery, but in any event not later than 30 days. Merrill Lynch was censured and assessed a fine of $175,000.

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 Agrees to Pay $541,000 For Churning Variable Annuities

On October 14, 2014, WIlliam Galvin, secretary of state of Massachusetts announced that LPL Financial had agreed to reimburse nearly $550,000 to investors to resolve claim that they had allowed brokers to engage in “annuity switching”.

Annuity switching occurs when a broker has an investor sell one annuity to purchase another with no justifiable basis therefor.

Just a couple of months ago, in June 2014, Illinois regulators ordered LPL Financial to pay a $2 million fine and $820,000 in restitution for failing to maintain accurate books and records related to variable annuity exchanges, also known as 1035 exchanges.

Earlier in the year, in March FINRA fined LPL Financial $950,000 for supervisory issues related to the sale of alternative investment products, REITs, oil and gas partnerships, hedge funds and other illiquid investments.

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

Former LPL Financial Broker Reniero Francisco Barred and Sanctioned $14 Million

 Reniero Castillo Francisco , formerly a broker with LPL Financial in Newport Coast, California submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Francisco consented to the sanction and to the entry of findings that he failed to provide FINRA with requested information and documents and failed to appear for an on-the-record interview. The findings stated that Francisco’s failure to cooperate impeded FINRA’s investigation. (FINRA Case #2012032452701)

Francisco was registered with LPL Financial 7/2002-11/2010.

According to FINRA records, Francisco and a co-defendant were named in an enforcement action by the U.S. Commodity Futures Trading Commission which charged that they defrauded investors in connection with operating a commodity pool to trade commodity futures contracts and options, made false statements and misappropriated pool funds. In a parallel criminal action Franciso and his co-defendant pled guilty to conspiracy and fraud leading to  sentences of 151 months and 97 months respectively. In addition they were order to pay a fine of nearly $6 million and restitution of over $8 million. 

If you have questions about your brokerage account or wish to discuss how to recover investment losses, call to speak with an experienced securities attorney. 

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900

 

 

Michael Koletar, Portland TX, Broker Fined/ Suspended by FINRA

By Robert H. Rex, Esq. 


In March 2014 the Financial Industry Regulatory Authority fined Portland, Texas, broker Michael Charles Koletar $5,000 and suspended him for 30 days. 

These sanctions were imposed to resolve FINRA allegations that he effected discretionary transactions in customer accounts without obtaining the customer’s prior written authorization and without his member firm’s acceptance of the accounts as discretionary. The findings stated that the firm allowed use of discretion only in managed accounts and certain family brokerage accounts with prior written approval. 

According to FINRA records Koletar is not currently registered . His previous registration history includes:

10/2012-2/2014 LPL Financial
6/2000-9/2012 Wells Fargo Advisors

If you have questions about the way your brokerage account has been handled, call to speak with an experienced securities attorney. 

Nationwide representation.


561 391 1900