Category Archives: LPL Financial

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

LPL Financial, SagePoint Financial, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct

Daniel Dillard- Sagepoint Financial Broker-Discloses Regulatory Event & Termination From Employment-Austin, TX

February 2019 – Austin, TX

According to publicly available records Daniel Dillard  (CRD#4289333) ,  a  stockbroker who is currently registered with Sagepoint Financial disclose a regulatory event , a termination from employment and a pending outstanding judgement.

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 9/2015,  Dillard was suspended for 3 months and fined $5,000 to resolve allegations that he reused a third party’s signature on a form submitted to his  employer LPL Financial regarding payment of commissions.

According to the public information on Dillard’s  FINRA records he has an outstanding lien to the Internal Revenue Service of $59,428.

Dillard has been employed with Sagepoint Financial since April 2013.   He was with LPL Financial from July 2004 until 4/2013, when he was discharged for submitting an altered document regarding his commission split.

If you have questions about an investment account handled by Daniel Dillard, 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, LPL Financial, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Bradley Pace- Former LPL Financial Broker- Discloses Regulatory Event and Customer Dispute-Orlando, FL

February 2019- Orlando, FL

According to publicly available records Bradley T. Pace  (CRD#2097427) ,  a  stockbroker previously  registered with LPL Financial,  disclose a regulatory event and 2 prior 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 9/ 2018,   Pace was suspended   by FINRA to resolve allegations that he failed to respond for request for information in connection with a FINRA investigation. The suspension ended 9/6/2018.

In April 2007, a customer of Pace’s form employer,  A.J. Pace & Co., Inc., alleged that certain investment recommendations were  unsuitable.   That case settled for $50,000.

Pace was employed with LPL Financial from 12/2011  to 10/2016.   He previously was employed with A.J. Pace & Co., Inc. from 2001 until August of 2011. He is not currently registered with any broker dealer.

If you have questions about an investment account handled by Bradley Pace, 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