Category Archives: LPL Financial

Annuities, Chalice Capital Partners, LPL Financial, Misrepresentation, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Raymond Benjamin-Former LPL Financial Broker -Discloses Pending Customer Dispute-Augusta, GA

September 2018- Augusta, GA

According to publicly available records , Raymond S. Benjamin,  a  stockbroker who was previously with LPL Financial and is now works for  Chalice Capital Partners disclose a pending 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 5/2018 a customer with LPL Financial alleged that a variable annuity purchase was an unsuitable recommendation since the contract contained sub-par rates of return and excessive expenses and was unfit for a defined benefit plan.   The customer further alleged that Benjamin misrepresented the terms of the contract and breached his fiduciary duty and allegedly coerced the customer into purchasing the contract.    Damages of $271,048 are sought.

Raymond Benjamin worked for LPL Financial from July 2010 until August 2018.  He has since been employed with Chalice Capital Partners since 8/2018. Benjamin discloses a business affiliation with Firethorn Wealth Partners in Augusta, GA.

If you have questions about an investment account handled by Raymond Benjamin, contact us for a no charge consultation to learn about 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

LPL Financial, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unauthorized Trading

Scott D. Williams-Former LPL / Raymond James Broker- Discloses Termination For Discretionary Trading- Franklin, TN

August 2018 – Franklin, TN

The FINRA records of Scott Douglas Williams, a broker who is not currently registered as a broker,  disclose  that in July 2018, he  was discharged from LPL Financial.  In connection with the termination,LPL Financial alleged that Williams “violated the firm policy regarding discretion”.

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.

Discretionary Trading is when a broker makes the trades in a customer’s account without first consulting with the customer. Generally a firm requires that a written agreement be in place in which the customer agrees to permit the broker to trade without consulting with the customer first.

Williams was employed by LPL Financial from 2/2017-8/2018. Prior to that Williams was employed by Raymond James from 1/2011-2/2017.

If you have losses in an account  handled by Scott Douglas Williams , contact us for a no charge consultation to learn how 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

 

Annuities, Lack of Due Diligence, LPL Financial, Misrepresentation, National Planning Corp., Stockbroker Malpractice, United Planners Financial Services, Unsuitable Investments

Dexter L. Thomas Investigation Update-Dallas, TX

August  17, 2018  UPDATE–Dallas, TX

We are currently investigating former National Planning Corp. broker Dexter L. Thomas on behalf of a number of residents of the Dallas/North Texas  area who allege damages to their accounts  for various reasons, including:

  • Unsuitable annuity investments
  • Churning of accounts
  • Unsuitable Loans

We Would Like to Hear From You

If you have information you believe will assist us in our investigation, please contact us by phone or using the contact form on this page and we will call you. We express our thanks to the many concerned individuals who have already reached out to us to share what they know about this rapidly developing situation.

Dexter Thomas Suicide- We have been informed by several former individuals who had accounts with Thomas that he committed suicide on August 4, 2018.

According to FINRA records, Dexter Leroy Thomas, was last registered with United Planners Financial Services of America and operated Dexter Thomas Financial Services in Dallas.  His FINRA record discloses  a pending customer dispute and 2 prior final customer disputes.

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, FINRA Case 18-0601,  a customer of National Planning Corp. alleges that Thomas violated FINRA rules and standards of conduct, violated the Texas Securities Act, made unsuitable recommendations and engaged in manipulative and deceitful conduct. Damages of $94,353 are sought in that case.

 Thomas was briefly employed by LPL Financial from 11/2017-12/2017. Prior to that he was employed by National Planning Corp. from 9/2006-11/2017.  

NATIONAL PLANNING CORP.  

According to FINRA records, National Planning Corporation (NPC)requested termination of their FINRA registration on July 9, 2018. On that same date NPC requested terminations of registration in Arizona, California, Hawaii, Indiana, Maine, Nevada, Texas and Wyoming.

On July 24, 2018, NPC was hit with  very significant sanctions by FINRA related to the sale of annuities. FINRA found that NPC received over $152 million from the sale of variable annuities, including $56 million from the sale of L-share variable annuities which were sold to customers without investigating the suitability of the product for the customer.

FINRA has fined NPC $650,000. In addition, NPC has agreed to disgorgement of up to $6 million to affected customers.

National Planning Corp. has also been known as Jackson National Financial Services and NPC of America.

No Charge Consultation

If you have questions about an investment account handled by Dexter Thomas , questions about annuities you may have been sold, or other financial matters involving Thomas, contact us for a no charge consultation 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

Concentrated Positions, ETFs Exchange Traded Funds, Failure to Supervise, LPL Financial, Unsuitable Investments

Shon E. Flaharty-LPL Financial Broker-Subject of $566K Customer Suit-Clearwater, FL

July 2018-Clearwater, Florida

The FINRA records of  Shon E. Flaharty,  a  stock broker who is currently employed by LPL Financial,  disclose  a currently pending 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 LPL Financial seeks damages of $566,320 and alleges that Flaharty over concentrated their account with unsuitable ETF investments.

Flaharty has worked for LPL Financial since 9/2007 and operates Flaharty Asset Management in Clearwater, FL.

If you have losses in an account handled or supervised by Shon Flaharty call for a no charge consultation to discuss your legal options for recovery.

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

Business Development Company (BDC), Failure to Cooperate with Regulatory Investigation, Failure to Supervise, H. Beck Inc, LPL Financial, Misrepresentation, REITs, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Former Customer of H. Beck Broker Rick Poston-Brings $500K Suit For Unsuitable Investments-Plano, TX

May 2018-Plano, TX 

The FINRA records of  Richard  (“Rick”) E. Poston ,  a  stockbroker who last worked for H. Beck in Plano, TX, discloses a pending customer dispute, 4 prior customer disputes and a 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.

In March 2016 a customer of H. Beck filed FINRA Case # 16-0766 seeking $200,000 in damages and alleging that he was sold an unsuitable concentration of illiquid investments in non publicly traded real estate investment trusts (REITs) between 10/2007-9/2015. In July 2016 the case was settled for $185,000.

IN 7/2017 a customer of H. Beck filed FINRA Case 17-1789 alleging that Poston over concentrated their account with high risk, illiquid REITs and business development companies (BDCs) and is seeking damages of $500,000.

Poston was employed by H. Beck from 3/2010 until he was discharged in 12/2015 for failing to cooperate with an internal investigation. Prior to that he worked for a number of other brokerage firms in the Plano area, including LPL Financial.

Unfortunately Mr. Poston passed away suddenly and unexpectedly in March of 2016.

Investors with losses in accounts that were handled by Rick Poston may be able to recover damages through FINRA arbitration, a method of dispute resolution that is typically much shorter in duration and far less costly that court litigation. We typically accept these cases on a contingent fee basis. 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