FINRA Investigates LPL Financial Broker Cheryl Ann Stallings

Cheryl Ann Stallings (CRD#: 1162913, Amarillo, Texas) is a past registered representative of LPL Financial LLC. Financial Industry Regulatory Authority (“FINRA”) disclosed on Stallings’s BrokerCheck file that as of July 27, 2018, it is investigating Stallings for purportedly misappropriating LPL Financial customer funds, falsifying statements to LPL Financial LLC in regard to her transactions in two customer accounts, and even testifying falsely in a FINRA investigation concerning her activities.

Cheryl Ann Stallings Investigated For Lying To FINRA

FINRA disclosed on July 27, 2018 that it has made an initial determination to bring a regulatory action against Stallings. First, FINRA stated that Stallings sidestepped LPL Financial LLC’s policy by not disclosing to the firm that she was a trustee of the trust of a non-family member. FINRA indicated that Stallings seemingly concealed details from LPL Financial when completing the firm’s annual compliance questionnaires. The regulator stated that Stallings possibly lied about having the custody and management authority over two LPL Financial customer accounts.
Moreover, FINRA disclosed that Stallings may have lied within LPL Financial LLC annual compliance questionnaires about being a beneficiary of a trust. FINRA also disclosed that Stallings may have been untruthful about being a family member of a person connected to the trust. Because of Stallings’s possible policy violations, FINRA suspects that she may have violated FINRA Rule 2010.
Stallings may also be facing allegations of violating FINRA Rule 4511. This violation may be due to her falsification of the firm documents regarding her connection to the trustee. And by possibly misappropriating a customer’s funds, FINRA stated that Stallings may face allegations of violating FINRA Rule 2150. Finally, FINRA made an initial determination that Stallings should face disciplinary action for possibly violating FINRA Rule 8210. Specifically, FINRA indicated that Stallings perhaps lied to FINRA regarding her ability to access the customer’s bank account funds.

LPL Discharges Cheryl Ann Stallings

LPL Financial LLC disaffiliated with Stallings on July 6, 2017. According to the firm, it discharged Stallings for allegedly violating the firm’s policy in reference to her ownership designation on customer accounts as well as her fiduciary roles.
Prior to working at LPL Financial LLC, Stallings was a registered representative of Bank of America Investment Services, Inc. (April 25, 2003 to September 10, 2009) and Morgan Stanley DW Inc. (July 27, 1993 to April 29, 2003). She was employed at LPL Financial LLC from September 8, 2009 to July 6, 2017. Stallings was most recently employed by Kestra Investment Services, LLC on August 21, 2017.

Investors who have incurred losses from Cheryl Ann Stallings are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses. We represent clients on a contingency fee basis and advance all costs.