FINRA Sanctions LPL Financial LLC $11.7 Million for Widespread Supervisory Failures

FINRA recently censured LPL Financial LLC and fined it $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 as well as its failure to monitor and report trades and deliver to customers more than 14 million trade confirmations.  In addition to the fine, FINRA ordered LPL Financial to pay approximately $1.7 million in restitution to certain customers who purchased non-traditional ETFs.

If you purchased non-traditional ETFs, variable annuities or REITs from a broker affiliated with LPL Financial please contact the investment fraud attorneys at West & West for a free initial consultation.

FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

On March 31, 2015 in Gilbert v. Noble and Stifel Nicolaus, FINRA Case Number 12-02897, the Panel found Respondents jointly and severally liable for compensatory damages in the amount of $1,292,342.00 and attorneys’ fees in the amount of $250,000.00.  The claims related to the use of margin as well as purchases of variable annuities issued by Sunlife and Manulife and a Friedman Billings Ramsey Real Estate Investment Trust (REIT).

If you believe that you may have been the victim of stockbroker, fraud, misconduct or malpractice in connection with variable annuities, REITs or other securities or investment products please call Maryland Investment Fraud Attorneys West & West at 410-296-4655.