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Former LPL Financial Broker Barred for Sale of REITs

Former LPL Financial Broker Barred for Sale of REITs 150 150 Rex Securities Law

 

In December 2013, FINRA announced a permanent bar from the industry for Gary J. Chackman for the unsuitable sale of real estate investment trusts (REITs) and other alternative investments. FINRA found that Chackman made the purchases at periodic intervals to evade the firm’s limitation on the concentration of alternative investments in customer accounts. FINRA also found that Chackman regularly misidentified customer’s net worth on company forms in order to evade detection.
In February 2012, he was discharged by LPL Financial for violation of LPL policies and procedures relevant to the sale of alternative investments. Chackman worked for LPL Financial 12/2001-3/2012.
In April 2013, he was discharged by Summit Brokerage Services after they became aware that he was operating out of an unregistered location. Chackman began his employment with Summit in 3/2012.

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.

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