LPL Financial LLC—Failure to Implement Adequate Supervisory System

LPL Financial Allegedly Failed to Implement an Adequate Supervisory System Regarding its Sale of Non-Traded REITs LPL Financial LLC allegedly failed to implement an adequate supervisory system regarding its sale of non-traded REITS, according to Documents from the North American Securities Administrators Association (NASAA) currently under review by attorneys Joe Peiffer and Jason Kane. LPL,… Read more »

LPL Financial—Failure to Establish and Maintain an Adequate Supervisory System

LPL Financial Allegedly Failed to Establish and Maintain an Adequate Supervisory System Deployed in Order to Ensure Eligible Customers Receive Applicable Sales Charge Waivers LPL Financial allegedly failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that eligible customers who purchased mutual fund shares received the benefit of applicable sales… Read more »

LPL Financial—Unsuitable REIT Sales

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LPL Financial Sanctioned for Allegedly Recommending Unsuitable REITs to Elderly Clients in New Hampshire LPL Financial allegedly made unsuitable sales of real estate investments to elderly clients, including an 81-year-old investor who lost a substantial amount on the product, according to reports from New Hampshire. The aforementioned octogenarian reportedly bought a nontraded REIT from LPL… Read more »

LPL Financial Sanctioned by Regulators in Connection with Its Sales of Variable Annuities

Cleveland stockbroker fraud attorney

LPL Financial, an investment firm, was charged with failing to retain appropriate books and records which documented variable annuity exchanges, or 1035 exchanges, as per the firm’s BrokerCheck profile. They were ordered to pay a $2 million fine as well as $820,000 in restitution. The Peiffer Wolf law firm’s securities practice attorneys Jason Kane and… Read more »

Securities Regulators Fine and Suspend Mehrdad Farhat for Allegedly Engaging in Undisclosed Outside Business Activity

Cleveland stockbroker fraud lawyer

Mehrdad Michael Farhat, formerly registered with LPL Financial, LLC, was fined and suspended by the Financial Industry Regulatory Authority (“FINRA”) in connection with allegations that Farhat engaged in and received compensation from an undisclosed outside business activity. The Peiffer Wolf securities practice attorneys Jason Kane and Joe Peiffer are investigating the matter. Farhat, between January… Read more »

Gary J. Chackman Barred From Securities Industry Due to Alleged Unsuitable Recommendations and Document Forgery

Gary J. Chackman was barred from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) in connection with claims that Chackman recommended unsuitable transactions and falsified documents. Chackman recommended and effected unsuitable transactions in the accounts of some of his LPL Financial, Inc. customers by over-concentrating his customers’ assets in real estate investment trusts… Read more »

LPL Financial Sanctioned In Connection With Sale of Non-Traded REITs, Other Alternative Investments

LPL Financial LLC was recently sanctioned by securities regulators.  LPL Financial failed to implement an adequate supervisory system for the sale of alternative investments and also failed to have compliance or written supervisory procedures that were reasonably designed to achieve compliance with regulatory rules and state suitability requirements, according to the Financial Industry Regulatory Authority… Read more »