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Charles Lundell Was Sanctioned Following Allegations of Exercising Discretion Without Authorization

Charles Lundell

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 30, 2017 indicate that former Washington-based First Allied Securities broker Charles Lundell has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Lundell (CRD# 314440).

Charles Lundell has spent 49 years in the securities industry and was most recently registered with First Allied Securities in Bellevue, Washington (2008-2017). Previous registrations include First Montauk Securities Corporation in Bellevue, Washington (1995-2008); Everen Securities in St. Louis, Missouri (1991-1995); Prudential Securities in New York, New York (1988-1991); Piper Jaffray & Hopwood (1982-1988); and Foster & Marshall (1967-1982). He has passed five securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on June 22, 1983; Series 55 (Limited Representative-Equity Trader Exam), which he obtained on January 4, 2000; PC (AMEX Put and Call Exam), which he obtained on September 1, 1977; Series 1 (Registered Representative Examination), which he obtained on May 11, 1965; and Series 40 (Registered Principal Examination), which he obtained on August 13, 1974. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one FINRA sanction and one customer complaint, and was recently discharged from his former employer.

In November 2017 FINRA sanctioned him following allegations he exercised discretion in customer accounts, without written authorization from the clients or the firm’s acceptance of the accounts as discretionary, to purchase roughly $252,912 in securities and to sell $65,788 of one security. He was issued a 30-day suspension and a fine of $5,000.

In March 2017 he was terminated from his position at First Allied Securities following allegations he violated firm policy by exercising discretion in firm accounts without obtaining the firm’s approval of the accounts as discretionary.

In 1991 he was discharged from his position at Prudential Securities following allegations he violated the firm’s compliance policies.

In 1981 a customer alleged Charles Lundell, while employed at Foster & Marshall, engaged in misconduct unspecified in his BrokerCheck report. The complaint settled for $45,000.

If you or someone you know has lost money investing with Charles Lundell, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited by law, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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