Tag Archives: lpl financial

Sonya Camarco-Former LPL Financial Broker-Charged With Securities Fraud/Theft-Colorado Springs, CO

May 2018-Colorado Springs, CO

The FINRA records of  Sonya D. Camarco ,   a   former LPL FInancial broker was recently permanently barred from the securities industry by FINRA for failing to respond to a FINRA Notice of Suspension.

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.

Camarco has been charged with 25 counts of securities fraud and theft in a criminal proceeding pending in Douglas County, Colorado. According to the regulator statement on her FINRA disclosure report she withdrew funds from client accounts at LPL Financial  using third party check requests that were payable to C Investments and mailed to a post office box in Parker, Colorado. The checks were retrieved by Camarco who used the funds for her personal benefit.

There are several currently pending customer arbitrations on behalf of Carmarco’s victims.

Sonya Camarco was employed by LPL Financial from 2/2004 until 8/2017 when the theft was discovered and she was discharged.

If you have losses in an account  handled by Sonya Camarco, contact us for a no charge consultation to learn how you can recover 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, at no cost to you.

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

David J. Schmerber-Former LPL Financial Broker-Settles Dispute Over Unsuitable Investments-Centerville, OH

May 2018- Centerville, OH

According to FINRA records, David Joseph Schmerber,  a  stockbroker who was  formerly employed by LPL Financial Services, disclose  the recent settlement of a 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 FINRA Case 17-0659 a customer of his prior employer LPL Financial  alleged that between 2008-9/2016, Schmerber invested their accounts in various complex, volatile and speculative securities which were unsuitable for their investment objectives. That case was settled in 11/2017 for $395,000.

Schmerber was employed by LPL Financial Services from 3/19997-3/2017. He is currently employed by Cetera Advisors in Centerville, OH.

If you have questions about an account handled by David J. Schmerber, call 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

Sanders Spangler-Former LPL Financial Broker-Barred From Securities Industry-San Antonio, TX

March 2018-San Antonio, Texas

On March 26, 2018, former LPL Financial stockbroker  Sanders Spangler was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA).

In connection with a FINRA investigation into potential unauthorized trading in five customers’ accounts, FINRA requested that Spangler appear for on the record testimony pursuant to FINRA Rule 8210. Spangler acknowledged receiving the request and stated that he will not cooperate with the investigation.

By refusing to appear for on the record testimony Spangler violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in any capacity.

The FINRA records of Sanders Spangler disclose 1 pending and 4 prior customer disputes, including:

  • August 2017-a customer of LPL Financial alleged unauthorized trading, poor account performance from 1/2012-5/2017. The case was settled for $20,000.
  • July 2017-a customer of LPL Financial alleged that discretion was used in the account resulting in poor performance for the period from 10/2009-4/2017. The case was settled for $40,000.
  • June 2017-a customer of LPL Financial alleged poor investment performance  for the time period of 3/9/16-6/16/16 and claimed damages of $500,000. That case was settled for $500,000
  • December 2017-a customer of LPL Financial alleged unsuitable investments made without client knowledge and damages of $100,000-$500,000. That case (FINRA Case 17-1513) was settled for $225,000.

In currently pending FINRA case 17-02661 a customer of LPL is alleging that Spangler over concentrated their accounts with energy stocks and that the account was liquidated without the client’s knowledge. In addition the customer alleges that Spangler altered monthly statements. Damages are unspecified.

 

In February 2017 Spangler was discharged by LPL Financial. LPL made the following allegation on Spangler’s  FINRA record:“Exercising discretionary power in customer account(s) in violation of firm policy. ” Spangler had worked for  LPL Financial since 10/2005.

Brokers have a responsibility to make suitable recommendations to customers, taking into account their age, net worth, investment experience and risk tolerance. Oil and gas investments can be very risky and over concentrating the account of a retiree in such investments is generally not appropriate.

If you have losses in an account in an account handled by Sanders Spangler , you may be able to recover damages through FINRA arbitration. 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

Christian L. Webb-Former LPL Financial Broker-Investigation Update-Lakeway, TX

October 2017-Lakeway, Texas

According to publicly available records Christian L. Webb , (CRD# 1161075) ,  a  currently unregistered stockbroker who was last registered with Dominion Investors Services of Horseshoe Bay, TX  , discloses a termination from employment and an outstanding judgment/lien.

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 11/2016 Webb was discharged from LPL Financial where he had worked as far back as 1995 .  LPL  made the following allegation on Webb’s  FINRA record: “Repeated failures to timely respond to inquiries from the firm’s compliance department.”

Webb left LPL for a few months 8/2015-12/2015 and was briefly employed by Cambridge Investment Research in Austin, TX.

Following his time at LPL Financial , Webb was employed by Dominion Investor Services in Lakeway, TX.

Webb discloses an outstanding judgement/lien to the IRS in the amount of $77,800.27.

If you have questions about an account in an account handled by Christian L. Webb, contact us to discuss 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

Jason Anderson, Former LPL Financial Broker- Named in Unauthorized Trading/Churning Suit-Beaumont, TX

January 2018 – Beaumont, Texas

TEXAS STATE SECURITIES BOARD SUSPENSION-On January 30, 2018 Texas Securities State Securities Board (TSSB) Commissioner Travis J. Iles entered a Disciplinary Order  suspending Jason N. Anderson, a former LPL FInancial stockbroker, for charging  unreasonable fees to clients.

The order suspended Anderson for 90 days.

According to the Texas order, Anderson, while employed by LPL Financial LLC, recommended an active-trading strategy based on an analysis of a stock’s current price compared with its historical prices. He recommended the active-trading program to clients who had stated their preference for growth with a moderate amount of risk.

The TSSB order alleged that the active-trading program recommended by Anderson would have had to generate extraordinary returns just to offset the trading costs and commissions paid to Anderson. In one example, a client’s costs were nearly 30% of the equities held in the account.

FINRA SUSPENSION– In October 2017 Jason N. Anderson was suspended indefinitely by FINRA who noted on his official record: “Respondent Anderson failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

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 May 2017, two elderly former customers of LPL Financial filed a class action lawsuit against LPL Financial and their former broker Jason N. Anderson seeking damages on behalf of  current and former clients of Anderson. The suit alleges unauthorized trading, churning and mismanagement of customer accounts from 4/2007-1/2016.

LPL Financial challenged the suit that was filed in Jefferson County, TX, and  the case was removed to federal court for the Eastern District of Texas. In August 2017, the case was  remanded back to the 58th Judicial District Court of Jefferson County, Texas.

According to his FINRA  record, Anderson worked for LPL Financial from 2007 until January 2016 when he was fired for for conducting discretionary trading in customer accounts, in violation of firm policy.

Following his discharge from  LPL Financial, Anderson was employed by Kovack Securities for a few months,  1/2016-5/2016. Kovack Securities discharged Anderson because they found incomplete signed documents during a firm audit.

Anderson then joined IFS Securities from 5/2016-4/2017. He is not currently registered with any firm.

A discretionary account is one that allows a broker to buy and sell securities without  first obtaining the client’s consent. Discretionary trading generally requires that permission be granted by the client in writing.  Most accounts are non discretionary, meaning the broker is required to consult with the customer and obtain permission before executing trades. Trades made in non discretionary accounts without consulting with the customer are unauthorized trades.

Investor suits for damages are generally required to be pursued in arbitration before the Financial Industry Regulatory Authority (FINRA) in accordance with the new account agreement customers sign when opening an account. FINRA arbitration is a method of dispute resolution that is generally much more expedient and less costly than court litigation.

If you had an account with Jason Anderson and suffered losses due to unauthorized trading, churning, mismanagement or other reasons, contact us to learn how you may be able to recover damages from his prior employer.

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