Tag Archives: lpl financial problem

Scott D. Williams-Prior LPL Financial Broker- Discloses Termination For Discretionary Trading- Franklin, TN

August 2018 – Franklin, TN

The FINRA records of Scott Douglas Williams, a broker who is not currently registered as a broker,  disclose  that in July 2018, he  was discharged from LPL Financial.  In connection with the termination,LPL Financial alleged that Williams “violated the firm policy regarding discretion”.

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.

Discretionary Trading is when a broker makes the trades in a customer’s account without first consulting with the customer. Generally a firm requires that a written agreement be in place in which the customer agrees to permit the broker to trade without consulting with the customer first.

If you have losses in an account  handled by Scott Douglas Williams , contact us for a no charge consultation 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

 

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

George M. Warner-Former LPL Finanical Broker-Discloses Terminations/Dispute/Suspension-Rockwall, TX

October 2017-Rockwall, TX

The FINRA records of  George M. Warner ,  a  stockbroker who is currently registered with Chelsea Financial Services disclose a prior 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 while employed by Kestra Financial Services, he altered various customer documents on at least five occasions after the documents had already been signed by the customers. The regulatory findings state 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. The findings state that by changing new account documentation of the customer’s, Warner caused his member firm to preserve and maintain altered books and records. FINRA Case 2014043727001. 

In 2/2010 , while employed by LPL Financial , a customer alleged that Warner made an error in connection with the purchase of Citi Corp bonds causing losses of $329,426. That matter was settled for $225,000.

In 11/2014 Warner was ‘permitted to resign’ from NFP Advisor Services 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 Ser.-Rockwall, TX                       6/2017-7/2017
  • Dominion Investor Ser.-Horseshoe Bay, TX          3/2017-4/2017
  • IFS Securities-Rockwall, TX                                        12/2014-3/2017
  • NFP Advisor Services-Rockwall, TX                     7/2013-12/2014
  • LPL Financial-Rockwall, TX                          4/2003-6/2013

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

If you have losses in an account in an account handled by George M. 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

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

Sanders Spangler’s Employer-LPL Financial-Named In Litigation Claim-Austin, TX

June 2017-Austin, TX

On behalf of a retired widow from the Austin, Texas area, Rex Securities Law recently filed a Statement of Claim with the Financial Industry Regulatory Authority (FINRA) against LPL Financial for failing to supervise the actions of San Antonio stockbroker Sanders Spangler. FINRA Case#-17-01513.

The FINRA suit, which seeks damages of between $100,000 and $500,000,  alleges that Spangler made unsuitable investments and traded the victim’s IRA account without her knowledge or authority.

A few months ago, in 2/2017 Spangler was discharged by LPL Financial who made the following allegation on his FINRA record: “Exercising discretionary power in customer account(s) in violation of firm policy. “

Sanders Spangler was with LPL Financial from10/2005-3/2017.

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

EXERCISING DISCRETION

In the securities industry exercising discretion means that the customer has authorized the broker to buy and sell securities without first consulting with the customer on each transaction. To avoid regulatory issues and to comply with firm policy, this permission must be granted in writing. Most accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or sale in the account.

FINRA ARBITRATION

Arbitration is an alternative to litigation or mediation in order to resolve a dispute over damages when a customer has suffered losses due to the negligence or fraud of a stockbroker. The process is much more expedient and far less costly than court litigation.

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