SEC News
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
TAG | high-risk oil and gas partnerships
17
Did You Invest in These Oil and Gas Offerings?
Comments off · Posted by Securities Lawyer in FINRA
Soreide Law Group, PLLC, is currently investigating the following oil and gas deals:
KBS REIT, DBSI, BDA Bradford Drilling, United Development Fund, Leaf Equipment Leasing Fund, Cypress Equipment Fund, Net REIT, REEF Income and Development Fund, and Waveland Drilling Partners.
Investors can file arbitration claims, as an option if they have been victimized by these products, if the investments were recommended by a financial advisor at a brokerage firm.
BDA Bradford Drilling · brokers recommending risky investments · Cypress Equipment Fund · DBSI · elder abuse in investments · failure to supervise brokers · Financial Industry Regulatory Authority · FINRA · finra securities arbitration lawyer · fort lauderdale securities lawyer · high risk investments · high-risk oil and gas partnerships · Leaf Equipment Leasing Fund · Net REIT · oil and gas investment loss · oil and gas investments to elderly · oil and gas projects fraud · oil and gas schemes · REEF Income and Development Fund · risky investments · securities lawyer · Soreide Law Group PLLC · stockbroker misconduct · targeting elderly investors · United Development Fund · Waveland Drilling Partners
29
LPL Financial Fined for ‘Oversights’ Involving Elderly Clients
Comments off · Posted by Securities Lawyer in FINRA
In a November 23, 2011, article in FA Magazine, Karen DeMasters writes that LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers in Oregon who sold risky investments to people, many of them elderly and without the mental capacity to make investment decisions.
It was reported that the Oregon Division of Financial and Corporate Securities says LPL Financial, a division of LPL Investment Holdings Inc., has since improved it oversight procedures.
This fine stemmed from the actions of Jack Kleck, branch manager for LPL Financial in La Grande, Ore., who sold investments in high-risk oil and gas partnerships to nearly three dozen Oregon residents. Many of the investors were elderly and the investments were not suitable for the clientele, given their age and investment objectives, the division says.
The Oregon 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.
Jack Kleck’s securities license was revoked in 2007, barring him from doing business in Oregon, and a subsequent investigation led to the fine against LPL, says Melanie Mesaros, division spokeswoman. Kleck was fined $30,000. Many of Kleck’s clients were in their seventies and eighties and some were not capable, due to poor health, of making sound investment decisions, the division says.
“This case underscores the importance of investing with individuals and firms licensed by the state of Oregon,” says David Tatman, division administrator. “The state examines licensed brokerage firms and the division will take appropriate action against firms that do not comply with the law.”
DeMasters writes that LPL has taken numerous steps to improve its compliance and supervisory practices, the Oregon division says. The company has increased the number of employees devoted to compliance and supervision related functions, increased
its pre-sale review of transactions and enhanced branch office examinations.
Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member have experienced losses with LPL Financial or Jack Kleck, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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