LPL Financial Clients Allege Sales Practice Violations By Chris Black

The Financial Industry Regulatory Authority (FINRA) provides new information concerning securities broker Christopher Bryan Black (CRD#: 5049080, Statesboro, Georgia). Specifically, the securities broker, who worked for Wells Fargo Clearing Services from 2013 to 2017, and LPL Financial from 2017 to 2020, is involved in investor disputes. In addition, FINRA barred Black as a securities broker. Here’s more about these incidents.

Client Of LPL Financial Alleges Unsuitable Recommendations By Chris Black

Notably, a client of LPL Financial brought a dispute about Chris Black. The May 2021 dispute first contains allegations of unsuitability. Specifically, the client claimed that Black gave bad advice regarding bond investments. Supposedly, these investments did not align with the client’s risk tolerance and investment objectives. It appears that the client’s alleged $84,166.22 in damages occurred from September 2019 to September 2020. However, LPL Financial denied the dispute.

FINRA Bars Black As Securities Broker Following Misconduct Investigation

Evidently, the financial industry watchdog indefinitely barred Chris Black in January 2021 to resolve allegations of Black’s noncooperation in an investigation. Notably, FINRA requires securities brokers to cooperate with investigations under Rule 8210. In this case, Black received instructions to provide information and documents to FINRA relating to the investigation into his termination from LPL Financial. It appears that LPL Financial discharged Black in March 2020 for allegedly making loan arrangements with a client in violation of company policy. Black refused to comply with FINRA’s investigators, the AWC reports.

Chris Black’s Client At LPL Financial Alleges Misappropriation

Namely, the October 2020 complaint alleges the misappropriation of funds. Supposedly, Chris Black worked with this client from August 2019 to July 2021. Supposedly, his misuse of funds resulted in damages. For this reason, in July 2021, LPL Financial opted to pay the client $40,000 to resolve allegations of Black’s misconduct.

Misrepresentation, Unsuitable Advice Accusations In Dispute About Black

According to a July 2020 dispute, Chris Black allegedly misrepresented investments and gave bad advice. However, the firm denied this dispute. But in an April 2020 dispute, the client alleged bad advice about municipal bonds. LPL Financial paid that client $128,936.70 to settle this matter.

Losses By Investing Through Chris Black?

Apparently, Chris Black denies all allegations of sales practice violations. Have you experienced investment losses because of him? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered compensation for many US clients who have experienced losses from their securities brokers and financial advisors.