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.
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