FINRA Barred Cheryl Ann Stallings

FINRA Barred A FORMER LPL BROKER WHO WAS IN CHARGE OF MANAGING CUSTOMERS ACCOUNTS

Cheryl Ann Stallings was barred for allegedly circumventing LPL’s fiduciary capacities policy

The Financial Industry Regulatory Authority Inc. barred a former LPL Financial broker Monday who controlled two customers’ bank accounts, bypassed LPL’s supervision by not disclosing she was named as power of attorney for a firm customer and was named the beneficiary of a client’s trust.

Former LPL Broker Cheryl Ann Stallings Barred By FINRA

On Monday, FINRA barred a former LPL Financial broker for breach of contract and violating its rules.

The broker who managed the bank accounts of two of her clients didn’t disclose that she stood as both the power of attorney and the beneficiary of a client’s trust fund for the respective customers.

Cheryl Ann Stallings is the name of the broker in the eye of the storm. Based on her BrokerCheck report, she was registered with the LPL from 2009 to 2017.

Reports have it that LPL fired Ms. Stallings for allegedly installing herself as a co-owner on two different bank accounts that belonged to her clients thereby violating the firm’s fiduciary capacities policy.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

While Ms. Stallings could not be reached for comment on the matter, David K. Bissinger who is her attorney refused to respond to the allegations.

Later on, Ms. Stallings agreed for an out of court settlement while she failed to admit or deny the allegations against her by Finra.

According to Finra’s findings, the broker was able to bypass LPL’s rules and procedures from May 2014 to December 2016.

According to FINRA’s findings, Ms. Stallings received over $60,000 from the customers’ bank accounts after their demise. The report also discovered that as the beneficiary of a client’s estate, she received $248,000.

Also, she allegedly breached industry regulations by submitting presenting false information to LPL during investigations.