According to a November 23, 2011 article in Financial Advisor Magazine, LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers who sold risky investments to clients, many of them elderly and without the mental capacity to make investment decisions.
The Oregon Securities division found LPL Financial violated securities laws, including failing to diligently supervise the actions of its broker and failing to ensure company policies and procedures were enforced.
The entire article may be found here.
The attorney’s at Colling Gilbert Wright and Carter are currently investigating and filing claims against brokerage firms alleging lack of supervision as well as suitability, negligence, churning and fraud. If you believe you have lost money due to the actions of your financial advisor or broker, please contact our office for a free case evaluation. Thank you.