ERIC SHEA HOLLIFIELD (ERIC S HOLLIFIELD CRD#: 3091319) formerly with LPL Financial of Dacula, Georgia, was permanently barred by the Financial Industry Regulatory Authority (FINRA) on October 7, 2021, following the allegations of, “Without admitting or denying the findings, Hollifield consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce the documents and information requested by FINRA in connection with its investigation into Hollifield's potential conversion of funds from an elderly customer.” This was following an investigation initiated by Georgia in September of 2021 that permanently barred ERIC S HOLLIFIELD following the allegations of, “Without client knowledge, requested and authorized a transfer of $1,240,000.00 of client's funds from client's brokerage account.”
In a press release dated July 1, 2022, the Securities and Exchange Commission (SEC) charged ERIC S HOLLIFIELD of Winder, Georgia, with misappropriating at least $1.7 million from two advisory clients and one brokerage customer and using the funds to pay for personal expenses, including the purchase of a home.
The SEC alleges in part that, beginning in January of 2020, Hollifield transferred client assets to an outside business over which he maintained control and, without the clients' permission, directed a portion of those funds to his own accounts, which he used to pay personal expenses.
Stock Market Losses Due To Broker?
The SEC complaint also alleges that, on August 11, 2020, ERIC S HOLLIFIELD used investor funds to purchase a 37-acre home in Winder, Georgia for approximately $1.7 million. The complaint alleges that Hollifield moved at least $425,000 of client funds through the outside business and used a portion of that money as a partial payment for the property. Also, Hollifield sold securities in a brokerage client's account and recommended that the client transfer $1.24 million to another financial institution to obtain higher interest. According to the complaint, after receiving the client's permission for the transfer, Hollifield instead sent the money immediately to a real estate closing agent to complete the purchase of his own personal home.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, ERIC S HOLLIFIELD had been in the securities industry for 23 years and had been listed with 4 firms. He has 7 disclosures on his FINA CRD report. One report is “Civil” filed by the SEC, 2 are “Regulatory,” 2 are “Employment Separation after Allegation,” 1 is a “Judgement/Lien,” and there is one “Customer Dispute” filed on August 25, 2021. The dispute is currently pending with allegations of, “The customer alleges that registered representative misappropriated funds from her account. Activity period: August 2020 to present.” The damage amount requested is $1,240,000.00.
ERIC S HOLLIFIELD was most recently listed with:
10/14/2016 - 09/10/2021 LPL FINANCIAL LLC DACULA, GA
If you or an elderly loved one have experienced financial losses due to the actions or recommendations of the former LPL Financial of Dacula, GA, broker/financial advisor, ERIC S HOLLIFIELD, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
