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The Securities Arbitration Law Firm of KlaymanToskes announced today that it is investigating claims relating to the conduct of former LPL Financial and Merrill Lynch advisor, Gregory John Campbell of Laude, Missouri. Last month, the State of Missouri issued a Petition for Order to Cease and Desist relating to Greg Campbell. According to Missouri, “from 2008 to 2012, Respondent Greg John Campbell (“Campbell”) made unauthorized transfers in excess of one million five hundred thousand dollars ($1,500,000) from at least five (5) client accounts. A majority of the transferred funds from these client accounts were used for Campbell’s benefit, including payments on at least two (2) properties owned by Campbell and a car leased from BMW. This activity went undetected by the clients because they stopped receiving account statements from the brokerage firms where Campbell worked. The clients’ addresses used by the brokerage firm were changed without the clients’ authorization. When asked about these address changes Campbell stated that they were the result of administrative errors.”
From June 2006 through October 2011, Campbell was registered with Merrill Lynch. Thereafter, he was registered with LPL Financial from November 2011 through November 2012. Under FINRA Rules, Merrill Lynch and LPL were obligated to properly supervise the activities of Campbell during the time he was registered with these brokerage firms. Accordingly, Merrill Lynch and/or LPL may be liable for failing to supervise Campbell’s activities while registered at the firms, and could potentially be responsible for compensating customers of Campbell for their losses.
Former customers of Greg Campbell are encouraged to contact KlaymanToskes to explore their legal rights and options. KlaymanToskes can be reached toll free at 888-997-9956.