Super Lawyers
AVVO
Million Dollar Advocates Forum
Martindale-Hubbell
BBB Accredited Business

Investigation: LPL Financial Customer Complaints & Lawsuits

LPL Financial Complaints

LPL Financial Complaints

Fitapelli Kurta is investigating nationwide complaints and lawsuits against LPL Financial, LLC.  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 is on our radar screen more than any other firm” – Lynne Egan, Securities Commissioner,  Montana

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 has a complaint against LPL Financial, contact us today for a free initial consultation.  We are investigating complaints from investors nationwide.

Here is a sampling of recent complaints and lawsuits against LPL Financial:

On May 23, 2013, the Securities and Exchange Commission filed a lawsuit against a former LPL Financial broker, Blanke B. Richards, for misappropriating $2 million from elderly customers’ accounts.  A copy of the Securities and Exchange Commission complaint that was filed in the lawsuit against can be found here.

On May 16, 2013, LPL agreed to pay a fine of $60,000 to FINRA steaming from the purchase of municipal bonds in customer accounts.  According to the complaint, LPL Financial purchased and sold municipal securities for its own account to a customer at a price that was not fair and reasonable.  This resulted in customers paying an unfair price for these securities at the benefit of LPL Financial. The complaint can be found here.

On May 14, 2013, former LPL Financial broker, Greg J. Campbell, was barred by FINRA for misappropriating millions of dollars in elderly client’s accounts. According to FINRA some of this money was used to funneled to Greg Campbell’s wife’s account. A copy of the complaint can be found here.

On February 25, 2013, former LPL Financial broker Arthur Apostol was suspended by FINRA and ordered to pay a $5,000 fine for cutting and pasting customer signatures on account forms without their consent.  According to the complaint, Arthur Apostol also asked customers to sign blank forms for future use. A copy of the complaint can be found here.

LPL Financial was ordered by the State of Oregon to pay a fine of $100,000 in connection with its failed supervision of a broker in La Grande, Oregon.  A copy of the order that was filed in connection with the lawsuit can be found here.

On December 20, 2013, former LPL Financial Broker, William Jack Wheller, was suspended by FINRA and fined $5,000 for using a public notary’s stamp and forging the notary’s signature on customer forms. A copy of the complaint can be found here.

LPL Financial was ordered by the State of Montana of November 5, 2012 to pay a fine and restitution to customers. A copy of the ordered filed in connection with the lawsuit can be found here.

On April 2, 2013, former LPL Financial broker, Sharon M. Perdue, was fined $15,000 by FINRA for mismarking order tickets, sending misleading email communications to customers, making negligent misrepresentations to customers regarding investments and making unsuitable investment recommendations.  This activity occurred while Sharon M. Perdue was registered with LPL Financial.  A copy of the AWC can be found here.

On December 31, 2012, LPL was fined $400,000 by FINRA for failing to maintain adequate supervisory systems for the delivery of prospectuses to customers. A copy of the AWC can be found here.

On December 12, 2013, former LPL Financial broker, Gary J. Chackman, was barred by FINRA for effectuating unsuitable transactions in customer accounts by over concentrating in real estate investment trusts, or REITs.  In addition, Gary J. Chackman falsified documents and records to evade the firm’s supervisors. A copy of the complaint can be found here.

On May 6, 2013, former LPL broker Richard R. Miller, was suspended by FINRA and order to pay a fine of $5,000 for soliciting penny stocks to certain customers against firm policy.  According to the complaint, Richard Miller also incorrectly marked the transactions as “unsolicited” in violation of FINRA rules. A copy of the complaint can be found here.

In December 2012, Massachusetts securities regulators filed a lawsuit against LPL Financial, which was subsequently settled in February, 2013 in connection with the sale of millions of dollars of non-traded Real Estate Investment Trusts, or REITS, to customers.  A copy of the complaint filed in the lawsuit against LPL can be found here.

If you or someone you know has a complaint against LPL Financial, contact us today for a free initial consultation.  We are investigating complaints from investors nationwide.

Contact Information