Tag Archives: LPL FInancial investigation

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

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

Michael Olinde-Former LPL Financial Broker-Discloses Pending FINRA Investigation & Employment Termination- Baton Rouge, LA

January 2019 – Baton Rouge, LA

According to publicly available records Michael Edward Olinde (CRD# 3063204) ,  a   registered 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 Olinde regarding outside business activity.   This investigation is still pending.

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

Olinde has been employed by Capital FInancial Services since 7/2017.

If you have losses in an account handled by Michael Olinde, 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

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