Elias Hakimian Fined, Involved In LPL Investor Dispute

Broker Elias Hakimian (LPL Financial) Fined For Borrowing, Accused Of Churning By Investor

The Financial Industry Regulatory Authority (FINRA) reportedly issued a three-month suspension to Elias Moses Hakimian (CRD#: 4404048, Seal Beach, California) as a securities broker and fined him $5,000 for allegedly borrowing from a client of LPL Financial. In addition, an investor filed a dispute about Hakimian. And LPL Financial allowed Hakimian to resign amid allegations of misconduct, including alleged churning of a client’s account. Here’s more.

FINRA Issues Elias Hakimian Fine, Suspension To Resolve Allegations Of Borrowing From LPL Financial Client

Evidently, FINRA issued the sanctions to Elias Hakimian in April 2021 to resolve allegations that he borrowed $120,000 from a client of LPL Financial. Supposedly, Hakimian was required by LPL Financial policies to refrain from borrowing from clients unless an exception applied. FINRA says no exceptions to LPL Financial’s rules applied to the broker. In addition, the financial industry watchdog says that he did not get permission to borrow from clients, as he never sought permission from the firm. Moreover, Hakimian supposedly falsely responded to annual compliance questionnaires regarding borrowing the client’s funds.

LPL Client Alleges That Hakimian Churned Their Account

Evidently, a client of LPL Financial came forward with a dispute about Elias Hakimian. Specifically, the April 2019 complaint alleges that Hakimian churned their accounts between 2010 and 2017. Not only that, but the broker purportedly had them invest in speculative ventures. This seemingly went against the client's risk tolerance and objectives. In addition, the client alleges that Hakimian took personal loans from them. For this reason, LPL Financial agreed to pay the client $275,000 to resolve this matter in October 2019. It appears that LPL Financial allowed Hakimian to resign in May 2019 because of the allegations that the client made against him.

Did You Sustain Damages Through Elias Hakimian?

Did Elias Hakimian cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many United States investors who incurred losses because of their financial advisors and securities brokers. Please note that Hakimian denies all allegations of his sales practice violations.