LPL Financial Terminates Brokers Paul Avila, Eric Heinz, Ioannis Papatherapontos

LPL Financial LLC (CRD#: 6413) is a both a brokerage firm which Financial Industry Regulatory Authority (“FINRA”) regulates, and an investment advisory that the Securities and Exchange Commission (“SEC”) regulates. LPL Financial reports that 148 regulatory actions were brought against the firm for violating securities rules or laws. Additionally, the firm discloses 54 customer initiated, investment-related arbitration actions brought against the firm for sales practice violations; the majority of which resulted in the firm being ordered to compensate customers. But that’s not all. LPL Financial disclosed instances involving its termination of brokers for misconduct which could have caused customer’s harm. For example, check out the firm’s terminations of brokers Paul Avila, Eric Heinz and Ioannis Papatherapontos:

Paul Avila Discharged By LPL Financial For Unsuitable Annuity Transactions

Paul Mario Avila (CRD#: 1816504, Irvine, California) is a prior LPL Financial general securities representative. Evidently, Paul Avila commenced work at the firm’s Irvine, California offices on October 28, 1999. However, on September 23, 2017, the firm discharged Paul Avila after he was accused of violating investment-related statues, regulations, rules or standards of conduct. In particular, the firm claimed that Paul Avila violated a suitability policy by way of the variable annuity transactions he effected. It is possible Paul Avila sold one or more LPL Financial customers annuities that were not suitable for them. On December 1, 2017, Paul Avila joined J.W. Cole Financial, Inc. (CRD#: 124583, San Juan Capistrano, California).

Eric Heinz Permitted To Resign By LPL Financial For Failing To Invest Advisory Assets

Eric Paul Heinz (CRD#: 4615113, Appleton, Wisconsin) is a former LPL Financial general securities representative. Evidently, LPL Financial employed Eric Heinz on July 14, 2010. By June 17, 2016; however, the firm permitted him to resign because of his alleged misconduct in advisory accounts. Eric Heinz purportedly failed to invest advisory customers’ assets in an appropriate manner. The firm indicated that Eric Heinz permitted the customers’ funds to remain uninvested. This possibly precluded those customers from generating returns in the market. Apparently, Eric Heinz became a Thrivent Investment Management securities representative on September 27, 2017.

LPL Financial Discharges Ioannis Papatherapontos For Unauthorized Customer Loans

Ioannis T. Papatherapontos (CRD#: 4722750, Little Falls, New Jersey), who also goes by John Papas, used to be an LPL Financial general securities representative. Supposedly, John Papas worked at the firm from January 2, 2009 to January 16, 2018. FINRA BrokerCheck shows that the firm discharged John Papas because of his unapproved loans to LPL Financial customers. Often times, brokers cannot make or receive loans when it involves customers. Moreover, FINRA commonly finds brokers who make loan arrangements with customers to be in violation of FINRA rules. However, there is no indication of whether a FINRA action against John Papas is forthcoming.

Suffered losses by investing with LPL Financial LLC brokers Paul Avila, Eric Heinz or Ioannis Papatherapontos? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.