Articles Tagged with LPL Financial

shutterstock_112866430-300x199Advisor Yvonne Silguero (Silguero), currently employed by LPL Financial LLC (LPL Financial) has been subject to at least two customer complaints during the course of her career.  According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have represented dozens of investors who suffered losses caused by these types of high risk, low reward products.

In August 2019 a customer complained that Silguero violated the securities laws by alleging that Silguero engaged in sales practice violations related to negligence, misrepresentations, breach of fiduciary duty from July 2014 through October 2018 concerning alternative investments. The claim alleges $500,000 in damages and is currently pending.

In April 2017 a customer complained that Silguero violated the securities laws by alleging that Silguero engaged in sales practice violations related to violations of the Texas State Securities Statutes, negligent misrepresentations, unsuitable investment recommendations and violations of the FINRA Rules.  The claim alleged $3,759,713 in damages and went to hearing.  The arbitration panel found LPL Financial liable and awarded $864,839 in damages, $340,000 in attorneys’ fees, and $350,000 in additional damages.

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shutterstock_184920014-300x199The law offices of Gana Weinstein LLP are currently investigating claims that advisor Dain Stokes (Stokes) was discharged by his employer after being accused of running an investment fraud scheme.  According to BrokerCheck records, Stokes is formerly registered with The Financial Industry Regulatory Authority (FINRA) member firm LPL Financial LLC (LPL Financial).  In addition, Stokes disclosed two regulatory complaints and four customer complaints.  If you have been a victim of Stokes’ alleged misconduct our firm may be able to assist you in recovering funds.

On August 1, 2019 an investor reported to the Fremont Police Department that he had possibly been defrauded by Stokes related to an investment of two hundred one thousand dollars.  The complaint alleges that the investment was for an alleged project in Africa purportedly involving popstar Taylor Swift.  The victim provided copies of cancelled checks, unsecured promissory notes, and text messages to the Fremont Police Department that corroborated his complaint.

According to the complaint Stokes used fraudulent messages to continue to entice the investor including:

  • On November 29, 2018, Stokes is claimed to have wrote: “We are getting close, a week, maybe two, I just had a long talk with Taylor about it in the middle of the night lol.”
  • On May 8, 2019, Stokes is claimed to have wrote: “Taylor is meeting with Bill Gates and the rest of the sponsors who are paying out the commissions on May 20th To try in wrap things up, so we all get paid.”
  • On June 12, 2019, Stokes is claimed to have wrote: “Trump’s illegally locked my bank accounts, and I’m fighting it in the Federal Bank Commission in the New Hampshire AG’s Office. Taylor is releasing a new song on Instagram in 30 minutes and I’m promoting it.”

In August 2019 LPL Financial discharged Stokes in connection with State of New Hampshire suspension of investment adviser agent and broker-dealer representative license.

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shutterstock_188874428-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Christopher Watkins (Watkins), currently employed by Silver Oak Securities, Incorporated (Silver Oak Securities) has been subject to at least one employment termination for cause and one customer complaint during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Watkins’ customer complaint alleges that Watkin recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2018 Watkins’ then employer, LPL Financial LLC (LPL Financial), discharged Watkins claiming that he facilitated the distribution of advisory fee monies to an unregistered person.

In August 2019 a customer complained that Watkins violated the securities laws by alleging violations of the securities laws including unsuitable investments involving REITs and energy investments. The claim alleges $115,000 in damages and is currently pending.

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shutterstock_189276023-300x198The law offices of Gana Weinstein LLP are currently investigating claims that advisor Bryan Clark (Clark), formerly associated with Madison Avenue Securities, LLC (Madison Securities), was accused of selling securities without informing his brokerage firm.  According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) Clark has three customer complaints, one bankruptcy disclosure, and one regulatory action. If you have been a victim of Clark’s alleged misconduct our firm may be able to assist you in recovering funds.

In August 2019 FINRA brought a regulatory action against Clark alleging that  Clark consented to the sanction and to the entry of findings that he refused to appear and provide on-the-record testimony during the course of FINRA’s investigation into whether he willfully failed to disclose a bankruptcy, failed to disclose outside business activities and participated in private securities transactions.

At this time it is unclear what business activities and the private securities transactions refer to.  Clark’s disclosures list several business activities including Preservation Capital Group, LLC and Value Health + Life Insurance Serves.

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shutterstock_836360-300x225Advisor Adam Lunceford (Lunceford), currently employed by LPL Financial LLC. (LPL Financial) has been subject to at least two customer complaints during the course of his career.  According to a BrokerCheck report one customer complaint concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have represented investors who suffered losses caused by these types of products.

In June 2019 a customer complained that Lunceford violated the securities laws by alleging that Lunceford disregarded the Claimant’s objectives by recommending that he invest more than half his portfolio in illiquid non-traded REITS. The claim alleges $250,000 in damages and is currently pending.

In September 2014 a customer complained that Lunceford violated the securities laws by alleging that Lunceford changed the investment objective for their accounts which resulted in unsuitable trading. The claim was denied by the firm.

DDPs include products such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments.  These alternative investments virtually never profit investors and are almost always unsuitable for investors because of their high fee and cost structure.  Brokers selling these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for the investments.

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shutterstock_182004416-300x200The law offices of Gana Weinstein LLP are currently investigating claims that advisor David Volpe (Volpe) engaged in private securities transactions and borrowed customer funds that were not approved by his brokerage firm.  Volpe, formerly registered with First Financial Equity Corporation (First Financial) and LPL Financial LLC (LPL Financial) was subject to an investigation by The Financial Industry Regulatory Authority (FINRA) over these allegations.  In addition, Volpe disclosed one bankruptcy filing, and two employment terminations for cause.

In August 2019 FINRA alleged that Volpe consented to the sanctions resulting in a bar from the industry and to the entry of findings that Volpe refused to produce information and documents requested by FINRA in connection with an investigation into whether he engaged in a private securities transaction or borrowed funds from a customer.

In April 2019 Volpe was discharged by First Financial after the firm claimed that Volpe failed to notify firm of private securities transaction involvement and violation of firm policy regarding borrowing funds from a client.

In December 2018 Volpe was discharged by LPL Financial after the firm claimed that Volpe violated the firm’s private securities transactions policy for involvement in capital raising efforts without prior disclosure.

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shutterstock_24531604-200x300The law offices of Gana Weinstein LLP are currently investigating claims that advisor James Booth (Booth) has taken funds from clients and engaged in certain business activities not approved by his brokerage firm.  Booth, formerly registered with LPL Financial, LLC (LPL Financial) out of Norwalk, Connecticut has left LPL Financial and is under investigation by securities regulators.  In addition, Booth disclosed at least four customer complaints.

Our firm has been contacted by Booth clients who have been informed that certain funds of clients that they believed were invested with Booth could no longer be located.  Upon information and belief, investors have been asked to write out checks to Insurance Trends to invest with Booth and now these funds cannot be located.  If you have had this experience with Booth we encourage you to contact our firm for a free consultation.

Booth’s CRD disclosures state that Booth has an outside business activity called Booth Financial Associates and John M Glover Agency.

Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in receiving loans from clients or selling fraudulent securities sales.  Booth’s activities in the sale of unapproved investment products – is a practice known in the industry as “selling away” – a serious violation of the securities laws.  In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm.  Sometimes those investments have some legitimacy but often times these types of investments can end up being Ponzi schemes or the advisor can be engaging in the conversion of funds.

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shutterstock_63635611-300x200The law offices of Gana Weinstein LLP are currently investigating claims that advisor James Bylenga (Bylenga) has engaged in a loan scheme with clients.  Bylenga, formerly registered with LPL Financial LLC (LPL Financial) and operating out of Portage, Michigan, has been accused by a customer of soliciting funds for a loan.  Bylenga operated out of the d/b/a firm The Retirement Wealth Management Group while working for LPL Financial.

In April 2019, FINRA brought an action and found that Bylenga consented to sanctions that he refused to produce documents and information requested by FINRA during the course of an investigation that commenced after his former member firm amended his termination reporting form.  According to FINRA, LPL Financial’s an internal review determined that Bylenga may have received loans from his clients while associated with the firm.

Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in loan or misappropriation of asset schemes.  The provision of loans, promissory notes, and activities in the sale of unapproved investment products – is a practice known in the industry as “selling away” – a serious violation of the securities laws.  In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm.  Sometimes those investments have some legitimacy but often times these types of investments can end up being Ponzi schemes or the advisor can be engaging in the conversion of funds.

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shutterstock_836360-300x225Advisor Mark Lamkin (Lamkin), currently employed by Calton & Associates, Inc. (Calton & Associates) has been subject to at least three customer complaints and two terminations for cause.  According to a BrokerCheck report some of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In August 2018 Lamkin’s then employer, LPL Financial LLC (LPL) terminated Lamkin claiming that advisor received and/or benefited from loans from firm customers, failed to disclose and inadequately disclosed outside business activities, and personally engaged in and solicited other investors to participate in private investments without obtaining Firm approval.

In January 2019 a customer filed a complaint alleging that Lamkin violated the securities laws by making misrepresentations concerning an annuity product.  The claim is currently pending.

In April 2019 another customer filed a complaint alleging that Lamkin violated the securities laws by making misrepresentations and an unsuitable investment in a REIT security.  The claim is currently pending.

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shutterstock_182053859-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Michael Olinde (Olinde), currently associated with Capital Financial Services, Inc. (Capital Financial), in May 2017, was discharged from his employer LPL Financial LLC (LPL) due to allegations that he violated the firm’s policies regarding outside business activities.  Thereafter, according to Olinde’s BrokerCheck, Olinde has been subject to a FINRA investigation regarding his outside business activity.

Engaging in undisclosed outside business activities represents a risk to brokerage firms that the advisor may be engaging in unmonitored securities related businesses.  The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

In this case it is unclear what sort of business activities Olinde was engaged in.  However, his disclosures include many businesses including: 1) Olinde Brothers Properties – a commercial building partnership; 2) Olinde Financial Group – his d/b/a for brokerage activity; 3) Olinde Investment Holdings LLC; 4) The Massad Olinde Group; 5) Alpha Consulting Group; 6) Prciniple Matters, LLC – a radio program; 7) Avive Nutraceuticals, LLC – partner and board member; 8) Olinde Management, LLC – resendential properties rentals; 9) K & M Olinde Farms; 10) M202 – real estate business.

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