The law offices of Gana Weinstein LLP are currently investigating claims that Broker Derek Copeland (Copeland) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Copeland was employed by LPL Financial LLC at the time of the activity. If you have been a victim of Copeland’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on March 24, 2025.
Without admitting or denying the findings, Copeland consented to the sanction and to the entry of findings that he participated in 74 private securities transactions without providing prior written notice to his member firm. The findings stated that the transactions involved 19 different securities and 27 individuals, including 22 who were customers of Copeland’s firm, who collectively invested nearly $11 million. Copeland received at least $173,000 in compensation, including through management, consulting, and recommendation fees. The findings also stated that Copeland communicated about securities-related business, including securities offered through his firm and private securities transactions, using communication channels not approved, captured, or maintained by his firm. Copeland falsely attested on firm compliance questionnaires that he only used approved and captured communication channels for communications relating to securities-related business. Nonetheless, Copeland exchanged over 2,250 communications with his firm colleagues, firm customers, other investors, and offering company partners using his private email addresses, text messages sent and received through his private mobile phone, and messages sent and received through online platform that his firm did not capture or maintain causing it to maintain incomplete books and records.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,500,000.00 on March 07, 2023.
Customer alleges representative made unsuitable recommendations during the period of September 2021 to January 2023.
We have a strong track record of advocating for victims of fraud when advisors obtain loans from clients or engage in securities sales via OBAs. The sale of unauthorized investment products, fraudulent schemes that disguise misused funds, and other deceptive practices are collectively known in the industry as “selling away,” a serious breach of securities laws. In the industry, “selling away” describes a financial advisor soliciting investments in companies, promissory notes, or other securities that lack prior approval from their affiliated brokerage firm. While some of these investments may have a degree of legitimacy, they often turn out to be Ponzi schemes or involve advisors misappropriating funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. Each firm is obligated to enforce measures that oversee brokers by monitoring advisors’ conduct and their interactions with clients. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Copeland has been in the securities industry for more than 21 years. Copeland has been registered as a Broker with LPL Financial LLC since 2020.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.