Category Archives: LPL Financial

LPL Financial, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Renee Altamirano-Former LPL Broker-Discloses Regulatory Event and Termination-Hot Springs Village, AR

May 2019-Hot Springs Village, AR

According to publicly available records Renee Valerie Altamirano (CRD#5644156) ,  a  stockbroker who is currently not registered,  discloses a regulatory event 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.

Without admitting or denying the findings, Altamirano consented to sanctions and to the findings that she refused to appear for FINRA on-the-record testimony in connection with a FINRA investigation into allegations that Altamirano engaged in an undisclosed outside business activity selling merchandise on eBay, some of which belonged to her supervisor and her member firm.   As result of this investigation, Altamirano was permanently barred from FINRA. FINRA case 2018058102601

In March of 2018, Altamirano was discharged from LPL Financial after allegations of  violation of firm policy regarding outside business activities, consisting of online sales of various merchandise.   She was not the owner of some of the items.

Altamirano was employed with LPL Financial  from August 2014 to March of 2018.   Altamirano discloses a business affiliation  with  Rigney Financial Services.  

If you have questions about an investment account handled by Renee V. Altamirano 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

Failure to Supervise, Finra Investigation of Stockbroker, LPL Financial, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments, Viatical Settlements

Scott Klor-Former LPL Financial Advisor-Discloses Regulatory Suspension and Discharge from Employment-Baton Rouge, LA

May 2019 – Baton Rouge, LA

According to publicly available records, former LPL Financial financial advisor Scott P. Klor discloses a recent regulatory event 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 4/2019, FINA suspended Klor for 14 months and assessed a fine of $5,000 to resolve allegations that Klor solicited investors, including customers of LPL FInancial, to purchase a variable life insurance policy on the life of an elderly individual, an investment prohibited by LPL firm policy. The $1.4 million investment was structured as a viatical settlement and Klor was to receive a 4% interest for structuring the deal.

In 4/2017 Scott Klor was discharged by LPL Financial, where he had been employed since 3/2011, for violation of firm policy.

If you have questions about an investment account handled by Scott P. Klor  contact us for a no charge consultation to learn about your legal options for recovery of damages.

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 Misconduct, Unregistered Securities

LPL Financial Fined $450K by Texas Regulators for Sale of Unregistered Securities-Austin, TX

April 2019- Austin , Texas

The Texas State Securities Board (TSSB) fined LPL Financial $450,000 and ordered a repurchase of certain securities sold to investors. In addition LPL agreed to pay $49,000 to the Texas Investor Education Fund of the Investor Protection Trust to be used for investor education.

In the settlement agreement with Texas, LPL agrees to review its records for all executed, solicited purchase orders of certain equity and fixed income securities between 10/1/2006-5/1/2018, and offer to repurchase the securities, if still held, or if the securities have been sold, pay damages including 3% simple interest per annum.

If you have a question about how your account at LPL Financial has been handled, 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

Capital Financial Services, Failure to Supervise, Finra Investigation of Stockbroker, LPL Financial, Outside Business Activities, StockBroker Misconduct

Justin Mitchell- Capital Financial Services Broker-Discloses Investigation & Termination-Baton Rouge, LA

February 2019 – Baton Rouge, LA

According to publicly available records  Justin Brian Mitchell (CRD# 5177794) ,  a   stockbroker currently employed by Capital Financial Services who was previously employed by LPL Financial, disclose a a pending FINRA investigation 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 October of 2017, an FINRA began an investigation into Mitchell regarding outside business activity.   This investigation is still pending.

Mitchell began working  for LPL Financial  in 2009 and was discharged in June of 2017.  LPL makes the following allegation on Mitchell’s FINRA record: “Violation of Firm policy regarding outside business activities.”  .

Mitchell has been employed by Capital FInancial Services since 7/2017, and he discloses a business affiliation with Olinde Financial Group and Massad Olinde Benefits Consulting.

If you have losses in an account handled by Justin Brian Mitchell, contact us for a no charge consultation to learn how you may be entitled 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

Failure to Supervise, Finra Investigation of Stockbroker, Kestra Investment Services (formerly NFP), LPL Financial, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Cheryl Stallings-Former LPL Financial Broker-Discloses Regulatory Action and Termination From Employment, Amarillo, TX

February  2019 – Amarillo, Texas According to public records of Cheryl Ann Stallings (formerly Cheryl Ann Bledsoe) (CRD#1162913)  a  former stockbroker with LPL Financial, discloses a regulatory event 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 11/2018 FINRA permanently barred Stallings from the securities industry to resolve allegations that Stallings:

  • circumvented her firm’s supervisory system by failing to disclose she was named POA for a firm customer
  • had custody of two firm customer’s bank accounts and was named as successor trustee and beneficiary of a customer’s trust
  • received over $300,000 from customer’s bank accounts as a result
  • improperly used $5,300 of a firm customers funds to pay for her personal expenses, and
  • made false statements and misrepresentations to her firm denying she had ever been granted any power of attorney over a firm customer and falsely stated that the customer was her aunt.

Stallings was employed by LPL FInancial from 9/2009-8/2017. She was discharged by LPL Financial for violating firm policy regarding fiduciary capacities and being a joint owner on two different client’s bank accounts. After leaving LPL Financial Stallings was employed briefly by Kestra Investment Services  from 8/2017-2/2018.

If you have questions about an account handled by  Cheryl A. Stallings, 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