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Our law firm is currently investigating securities arbitration claims against LPL Financial (NasdaqGS: LPLA) (“LPL”) on behalf of customers of a former LPL broker, Jack Kleck (“Kleck”). On November 22, 2011, the Oregon Department of Consumer and Business Services entered into a consent order with LPL and fined the brokerage $100,000 for failing to properly supervise Kleck.
According to the State of Oregon, “Jack Kleck, branch manager for LPL Financial in La Grande, sold investments in high-risk oil and gas partnerships to nearly three dozen Oregon residents, including many elderly people. The partnership interests were not suitable investments for Kleck’s clientele, given their age and investment objectives.” Further, Oregon determined that, “LPL Financial, a licensed firm in Oregon, violated several securities laws, such as failing to diligently supervise the actions of its broker and failing to ensure company policies and procedures were enforced. Many of Kleck’s clients were in their 70s and 80s, and some were not capable, due to poor health, of making sound investment decisions.”
Investors who held accounts with LPL and Jack Kleck and sustained investment losses can contact KlaymanToskes to explore their legal rights and options. If you sustained investment losses by investing with LPL and Jack Kleck, please contact our firm.