Tag Archives: lpl financial problems

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

Charles R. Elhoff-LPL Financial Broker-Discloses Pending Customer Dispute-Arlington, TX

June 2017- Arlington, Texas

According to publicly available records Charles R. Elhoff, Jr.  (CRD#76936) ,  a  stockbroker who currently is employed by  LPL Financial,   discloses  a currently pending customer dispute and a prior 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 the currently pending matter a customer of Elhoff’s prior employer H. Beck seeks damages in a currently unstated amount for unsuitable illiquid investments in direct investments and limited partnerships purchased in 2009.

Charles R. Elhoff, Jr.  has been employed by LPL FInancial since 6/2014. His prior employment includes VSR Financial Services and H. Beck, Inc.

If you have losses  in an account handled by Charles R. Elhoff  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

Garrett “Drew” Ahrens- Former LPL Financial Broker-Discloses Sanction and Settlements Over REIT Investments-Lafayette, LA

May 2017- Lafayette, Louisiana

Garrett A. Ahrens  (aka Drew Ahrens) , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between January 2011 and June 2013, Ahrens prepared about 65 consolidated reports for at least four customers. The consolidated reports reflected the current value of investments including private placements and non-traded real estate investment trusts (REITs).

According to the AWC, the values of some of the investments were inaccurate and overstated the actual value of the accounts.

AWC No.  2013036001201

Ahrens was fined $5,000 and suspended for one month.

According to FINRA recordsAhrens  was registered with LPL Financial  from 6/1998 until 9/2015. He is not currently registered.

Ahrens discloses two prior customer disputes involving REITs that were settled.

In FINRA case 13-0316 a customer of LPL Financial alleged that limited partnerships and REIT investments were not suitable and that risks were not explained. That case was settled for $97,500.

In FINRA case 10-3678 a customer of LPL Financial alleged unsuitable investments in REITs (real estate investment trusts) , breach of contract, breach of fiduciary duty and other claims. That case was settled for $875,000.

If you have losses in an account handled by Ahrens, call for a no charge consultation to discuss your options with an experienced securities lawyer.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas, hedge funds, real estate, commodities and derivatives contracts and, managed futures.  These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

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

 

Merrill Lynch Fined $175,000 For Failing to Timely Report Theft by Former Broker Greg Campbell

January 13, 2014-Clayton, MO.

Merrill Lynch  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that the firm failed to timely report to FINRA allegations that one of its brokers was stealing money from customer accounts.

In October 2011 a Merrill customer filed a written complaint that there was unauthorized activity in his firm IRA and his individual account which was being handled by broker Greg J. Campbell, of their Clayton, MO. branch,  who according to the AWC, misappropriated over $1.7 million from customers between May 2008 and October 2011.

Campbell left Merrill in October 2011 and joined LPL Financial in Creve Coeur, MO. , where according to FINRA records he misappropriated over $500,000 from customers at the new firm.

The AWC finds that in May 2012, after Campbell had moved to LPL Financial, Merrill Lynch received another customer complaint alleging unauthorized activity by Campbell in a Merrill account.  In October 2012 Merrill reported the two customer complaints to FINRA. Following this disclosure, Campbell was terminated from LPL Financial and barred from the securities industry.

Case # 2013037137602

FINRA Rule 4530(a) requires firms to ‘promptly report” customer complaints involving allegations of theft or forgery, but in any event not later than 30 days. Merrill Lynch was censured and assessed a fine of $175,000.

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 Agrees to Pay $541,000 For Churning Variable Annuities

On October 14, 2014, WIlliam Galvin, secretary of state of Massachusetts announced that LPL Financial had agreed to reimburse nearly $550,000 to investors to resolve claim that they had allowed brokers to engage in “annuity switching”.

Annuity switching occurs when a broker has an investor sell one annuity to purchase another with no justifiable basis therefor.

Just a couple of months ago, in June 2014, Illinois regulators ordered LPL Financial to pay a $2 million fine and $820,000 in restitution for failing to maintain accurate books and records related to variable annuity exchanges, also known as 1035 exchanges.

Earlier in the year, in March FINRA fined LPL Financial $950,000 for supervisory issues related to the sale of alternative investment products, REITs, oil and gas partnerships, hedge funds and other illiquid investments.

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