National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Lee Nordstrom Vorphal Wing Securities Investigation”) into former Vorphal Wing Securities broker Lee Victor Nordstrom (“Lee Nordstrom”) in light of a disciplinary bar disclosed by FINRA.
In October 2021, FINRA barred Lee Nordstrom from the securities industry. FINRA barred Lee Nordstrom for his failure to appear for on-the-record testimony requested by FINRA. The on-the-record testimony relates to whether Lee Nordstrom engaged in potential unsuitable and excessive trading in several customer accounts.
Lee Nordstrom Vorphal Wing Securities and the October 2021 FINRA Disciplinary Action
According to BrokerCheck, FINRA barred Lee Nordstrom for refusing to appear for on-the-record testimony. Lee Nordstrom is under FINRA investigation relating to whether he engaged in potential unsuitable and excessive trading in several customer accounts.
On August 5, 2021, in connection with its investigation into Lee Nordstrom’s potential misconduct, FINRA staff sent a request to Lee Nordstrom for on-the-record testimony pursuant to FINRA Rule 8210. As stated during his phone call with FINRA staff and in an email to FINRA staff on September 27, 2021, Lee Nordstrom acknowledged to FINRA that he received FINRA’s request and will not appear for on-the-record testimony at any time.
By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Nordstrom violated FINRA Rules 8210 and 2010. Lee Nordstrom consented to the imposition of a sanction, which is a bar from associating with any FINRA member in all capacities.
Employment Background, Termination of Ex-LPL Financial and Ex-Vorphal Wing Securities Broker Lee Nordstrom
Lee Nordstrom was formerly registered with LPL Financial (Spokane, WA) from June 2020 to November 2020. Before joining LPL Financial, Lee Nordstrom was registered with Vorphal Wing Securities (Spokane, WA) from June 2013 to May 2020. Lee Nordstrom’s other registrations include:
- Partners Investment Network, Inc. (Spokane, WA; September 2011 to May 2013)
- Wells Fargo Advisors, LLC (Spokane, WA; July 2003 to September 2011)
- Prudential Securities Incorporated (New York, NY; February 1999 to July 2003)
- Painewebber Incorporated (Weehawken, NJ, October 1995 to February 1999)
- Dean Witter Reynolds Inc. (Purchase, NY, September 1992)
Lee Nordstrom’s Employment Separation from Vorphal Wing Securities
According to FINRA BrokerCheck, Lee Nordstrom was discharged from Vorphal Wing Securities on April 27, 2020. The discharged related to Lee Nordstrom’s failure to adhere to the firm’s suitability policy with respect to quantitative suitability.
FINRA Investigates Lee Nordstrom Vorphal Wing Securities in January 2021
FINRA began investigating Lee Nordstrom in January 2021. Its investigation originated from the 2020 cycle examination of Vorphal Wing Securities. FINRA’s investigation relates to whether Lee Nordstrom engaged in potential unsuitable and excessive trading in several customer accounts.
Customer Dispute Against Lee Nordstrom Relating to Excessive Trading
On December 7, 2020, a customer filed a dispute against Lee Nordstrom. The allegations relate to excessive trading and overconcentration in two stocks. The alleged damages were $400,000, and the case settled for $20,000.
Lose Money Investing with Lee Nordstrom (Spokane, WA)?
Former customers of former Vorphal Wing Securities and LPL Financial broker Lee Nordstrom (Spokane, WA) with investment losses that exceed $100,000, and those who may have information relating to the manner in which the broker handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
KT is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered more than $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq. (561) 542-5131