Lee Nordstrom Vorphal Wing Securities Investor Alert: FINRA Bars Broker Investigated for Excessive Trading

Lee Nordstrom Vorphal Wing Securities Investor Alert: FINRA Bars Broker Investigated for Excessive Trading

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…

ATTENTION Eric Hollifield Hamilton Investment Counsel Customers: Dacula, Georgia Investment Advisor Accused of Misappropriating $1.24M of Client Funds

ATTENTION Eric Hollifield Hamilton Investment Counsel Customers: Dacula, Georgia Investment Advisor Accused of Misappropriating $1.24M of Client Funds

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Eric Hollifield Hamilton Investment Counsel Investigation”) into former Hamilton Investment Counsel, LLC investment advisor, Eric Shea Hollifield (“Eric Hollifield”) in light of a disciplinary bar disclosed by FINRA. In October 2021, FINRA barred Eric Hollifield from the securities industry. The bar follows a customer dispute alleging Eric Hollifield misappropriated $1,240,000 of client funds. Eric Hollifield Hamilton Investment Counsel and the October 2021 FINRA Disciplinary Action According to BrokerCheck, FINRA barred Eric Hollifield for refusing to appear for on-the-record testimony or to produce the documents and information requested pursuant in…

Eric Hollifield LPL Financial Investor Alert: FINRA Bars Dacula, Georgia Broker

Eric Hollifield LPL Financial Investor Alert: FINRA Bars Dacula, Georgia Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Eric Hollifield LPL Financial Investigation”) into former LPL Financial broker Eric Shea Hollifield (“Eric Hollifield”) in light of a disciplinary bar disclosed by FINRA. In October 2021, FINRA barred Eric Hollifield from the securities industry. The bar follows a customer dispute alleging Eric Hollifield misappropriated $1,240,000 of client funds. Eric Hollifield LPL Financial and the October 2021 FINRA Disciplinary Action According to BrokerCheck, FINRA barred Eric Hollifield for refusing to appear for on-the-record testimony or to produce the documents and information requested pursuant in connection with FINRA’s investigation into…

Former LPL Financial Advisor Paul McGonigle Investigation

Former LPL Financial Advisor Paul McGonigle Investigation

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation in light of recent criminal charges concerning Paul R. McGonigle (“McGonigle”), who worked at LPL Financial (“LPL”) from February 2018 to June 2019. On June 9, 2021, the Department of Justice (“DOJ”) charged McGonigle with three counts of wire fraud, one count of mail fraud, and one count of aggravated identity theft in connection with defrauding elderly clients and stealing their retirement assets. In November 2020, Financial Industry Regulatory Authority barred McGonigle as a broker for failing to respond to a request for information via an expedited proceeding. According…

NOTICE TO LPL FINANCIAL CUSTOMERS WITH REIT INVESTMENTS – KlaymanToskes commences investigation on behalf of Investors Who Sustained REIT Losses in Excess of $100,000

NOTICE TO LPL FINANCIAL CUSTOMERS WITH REIT INVESTMENTS – KlaymanToskes commences investigation on behalf of Investors Who Sustained REIT Losses in Excess of $100,000

KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of LPL Financial (NASDAQ:LPLA) customers who sustained losses from the purchase of Real Estate Investment Trusts (“REITs”).  According to FTSE Russell, the FTSE Nareit US Real Estate Indexes are down between 10.70% and 47.75%, year-to-date, with the Mortgage REITs Index suffering the largest losses.  These losses were precipitated by COVID-19 and uncertainty in the real estate markets.  LPL recently restricted purchases of eleven REITs, both non-traded and publicly traded REITs, due to market instability. Non-Traded REITs Black Creek Industrial REIT Blackstone REIT CIM Income NAV REIT DWS RREEF Property Trust Hines Global…

SEC Bars LPL Financial advisor, Paul Lebel for Churning Client Mutual Fund Investments

SEC Bars LPL Financial advisor, Paul Lebel for Churning Client Mutual Fund Investments

On October 18, 2016, the Securities Exchange Commission (SEC) barred LPL Financial advisor, Paul Lebel for churning and excessively trading mutual funds in customer accounts for the sole purpose of his own personal enrichment.   The excessive trading, also known as “churning” occurred during the period from 2008 to 2014, “during his employment with LPL, he defrauded four customers by churning several of their accounts,” according to the SEC administrative proceeding. According to the SEC which imposed Remedial Sanctions and a Cease and Desist Order which was a Paul Lebel. “In particular, Lebel exercised de facto control over these customers’ accounts…

LPL Financial LLC Ordered To Pay Restitution To Investors and Fines To FINRA for Failure To Supervise Sale of Non-Traded REITs, Variable Annuities and Exchange Traded Funds

Financial Industry Regulatory Authority (FINRA) sanctioned LPL Financial, LLC with fines of $10 million for, “broad supervisory failures in a number of key areas, including the sales of non-traditional exchange-traded funds (ETFs), certain variable annuity contracts, non-traded real estate investment trusts (REITs) and other complex products”.  Additionally, FINRA ordered that $1.7 million in restitution be paid to investors by LPL Financial to certain customers who purchased non-traditional ETFs.   FINRA Examination Findings According to FINRA regulators, “LPL’s supervisory breakdowns resulted from a sustained failure to devote sufficient resources to compliance programs integral to numerous aspects of its business.” This lack…

Marc Halan Baldinger - LPL Financial

Our law firm is investigating LPL Financial (“LPL”) in connection with the supervision of Marc Halan Baldinger (“Baldinger”), CRD No. 1942349. Baldinger was based out of Stuart, Florida with LPL from September 2001 to December 2012. On November 14, 2014, Baldinger entered into a Letter of Acceptance, Waiver and Consent (“AWC”) with the Financial Industry Regulatory Authority (“FINRA”) in connection with allegations of “selling away.” Selling away occurs when a broker participates in a private securities transaction for selling compensation without prior approval of his employer member firm. In the AWC, Baldinger consented to a suspension in all capacities for…

Selling away claims behind LPL's termination of James "Jeb" Bashaw

The following story appeared in InvestmentNews on October 13, 2014: Star Houston branch manager allegedly engaged in transactions without firm approval, according to his CRD report Former LPL Financial star branch manager James “Jeb” Bashaw was terminated last month for several allegations, including participating in private securities transactions without providing written disclosure to and obtaining written approval from LPL, according to his report on CRD — or central registration depository, the central licensing and registration system for the U.S. securities industry and its regulators. Engaging in securities transactions without broker-dealer approval is commonly known as “selling away” in the securities…