Tag Archives: LPL FInancial investigation

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

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

Melvin Case-Former LPL Financial Broker-Discharged for Failing to Report Pleading Guilty to Exploitation of Aged Adult-Jacksonville, FL

February 2018-Jacksonville, FL

According to publicly available records Melvin E. Case  , (CRD# 2393464) ,  a   former stockbroker who last worked for LPL Financial LLC,  discloses that he was recently sanctioned by securities regulators after pleading guilty to exploitation of an aged adult. In addition, Case has settled several customer disputes and was discharged from employment by LPL Financial. 

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 January 2018 Case was suspended for six months from acting as a broker and fined $5,000 for wilfully failing to timely amend regulatory records to disclose a felony charge and guilty plea. In 8/2016 Case plead guilty to exploiting an adult. Adjudication of guilt was withheld and he was placed on probation for 24 months.

In May 2017 LPL Financial discharged Case and LPL Finanical made the following allegation on his FINRA record: “Allegations of criminal charges involving exploitation of an aged adult after converting the victim’s money for his own benefit.”

IN 1/2006 a customer of Case was paid $100,000 to resolve allegations that he made unsuitable recommendations and failed to properly allocate assets in the account.

If you have losses in an  investment account handled by Melvin Case  , call 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

Thomas H. Oliphint-Former LPL Financial Broker-Discloses Customer Disputes and Termination From Employment-San Antonio, TX

April 2017-San Antonio, TX 

According to publicly available records Thomas H. Oliphint , (CRD#1172870) ,  a  stockbroker who is not currently registered and who last was employed by LPL Financial  discloses  2 prior customer disputes and a recent 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.

Thomas H. Oliphit was employed by LPL Financial  from 8/2006-12/2016. In 1/2016 Oliphint was discharged by LPL Financial who made the following allegation on his FINRA record: “Violation of Firm policy regarding outside business activity”

Oliphint’s  prior securities industry employment includes, MML Investor Services and New England Securities. He discloses business affiliation Grand Purpose Advocate.

If you have questions about  an account handled by Thomas H. Oliphint call 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

George Warner-Summit Rockwall Wealth Managers-Discloses Regulatory Sanction/Discharge From Employment-Rockwall, TX

MAY 2018 UPDATEsee this for update. 

Original Post- April 2017-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is not currently registered with any broker dealer disclose a regulatory event, a prior customer dispute and 2 terminations 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 4/2017 Warner was fined $5,000 and suspended for 30 days by FINRA to resolve allegations that he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The findings stated that Warner corrected or included the customer’s anticipated liquidity needs, net worth, liquid net worth, and or annual income on new account forms, alternative investment forms, and an IRA application. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , Warner settled a customer dispute for $225,000. The customer alleged that he made an error in connection with the purchase of CIT bonds versus Citi Corp. bonds.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisors who made the following allegation on his FINRA record: “Rep corrected client documents after client signature. ”

In 6/2013 Warner was discharged from LPL Financial who made the following allegation on his FINRA record: “Employment terminated by related bank program for obtaining client signatures on blank account transfer forms. ”

George Warner’s employment history includes:

  • Dominion Investor Services               3/2017-4/2017
  • IFS Securities                                               12/2014-3/2017
  • NFP Advisor Services                               7/2013-12/2014
  • LPL Financial                                                 4/2003-6/2013

Warner discloses a business affiliation with Summit Rockwall Wealth Managers LLC. 

According to their website, the Certified Financial Planning Board has disciplined Warner by issuing  a Letter of Admonition.

If you have losses in an account in an account handled by George Warner , 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