The stock fraud lawyers at Fitapelli Kurta are investigating claims against Beverly Hills stock broker Angelo Talebi who is currently employed with Independent Financial Group, LLC. Angelo Talebi was previously employed by LPL Financial LLC from November 1999 until December 2012 and with Royal Alliance Associates, Inc. from November 2012 until April 2014.
Angelo Talebi has thirteen customer initiated complaints on his FINRA BrokerCheck Report, two of which have been settled. The majority of customer complaints against Angelo Talebi relate to his employment with LPL Financial. These customers allege, among other things, that Angelo Talebi made misrepresentations regarding investments in a number of alternative investments such as Real Estate Investment Trusts (REITs) and limited partnerships. Specifically, Angelo Talebi’s clients have complained regarding investments in:
Inland American REIT
KBS I REIT
Lease Equipment Finance Fund 4
Atlas Resources 17-2007 Partnership
Customers have also alleged that Angelo Talebi excessively traded their account and traded on margin, without the customer’s authorization.
LPL Financial is a national broker dealer registered with the Financial Industry Regulatory Authority, or FINRA. LPL was created in 1989 through a merger of two former brokerage firms, Linsco and Private Ledger. LPL underwent rapid growth after 2005 when two private investment firms purchased LPL Financial, eventually bringing the company public in 2012.
LPL Financial currently has over 13,000 brokers in approximately 6,500 offices servicing over 4 million customers. As LPL has expanded, many state and federal authorities have censured and fined the company with an unusually high frequency, including an unprecedented $9 million fine by FINRA on May 21, 2013.
If you or someone you know have lost money investing with Angelo Talebi, LPL Financial, or Royal Alliance Associates, Inc. please give us a call today. We are investment fraud attorneys who handle cases nationwide. We provide free consultations and only earn a fee if we recover money on your behalf.