John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
LPL FINANCIAL, LLC, and their registered representative,
Frederick W Arbusto (“Arbusto”) (Respondents).
The lawsuit alleges that the Claimant, who was a long time customer of LPL broker, Frederick W Arbusto, wanted their newly deposited money to generate bond income and to feed it into the market slowly over time. Despite these alleged clear instructions to the Respondents, and a written confirmation of this understanding, Frederick W Arbusto allegedly placed the Claimant’s money in stocks such as, Tesla, Nvidia, Sofi, Meta, Alphabet, Alibaba, Google, Amazon, Apple, AMD, to name a few, along with stock heavy funds. Many of the stocks in the account immediately dropped and Arbusto allegedly kept buying more on their way down. The lawsuit alleges the Claimant never intended for the Respondents to speculate in large concentrated high-risk growth stocks and wanted income from a conservative bond portfolio.
The lawsuit alleges that LPL and their registered representative’s actions have caused the Claimant losses of approximately $800,000.00. The lawsuit is alleging: negligence, breach of fiduciary duty, and negligent supervision. It is anticipated the Respondents will deny any and all wrongdoing. No answer has been filed.
According to FINRA’s BrokerCheck, Frederick W Arbusto, has been in the securities industry for 20 years and has been listed with 5 firms. He is currently listed both as a broker and financial advisor with the following firm since June 29, 2018:
LPL FINANCIAL LLC
36 SOUTH COUNTY COMMONS WAY STE C9
WAKEFIELD, RI 02879
Arbusto was previously listed with Merrill Lynch, Pierce, Fenner and Smith, Inc. of Providence, Rhode Island from 10/23/2009 - 07/02/2018.
If you’ve experienced financial losses due to the actions or recommendations of LPL FINANCIAL and/or their registered representative, Frederick W Arbusto, of Wakefield, Rhode Island, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investments through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Sam Bhushan (CRD: 4884717) is named in several pending customer complaints and one settled dispute, according to his BrokerCheck report.
Sterling Louviere (CRD: 2021328), listed on BrokerCheck as Sterling Vaughn Louviere, is named in a pending customer claim over Reg D private placements, with Cabin Securities as the firm named.
Phone:
Fax: 1-954-760-6553
Email: [email protected]