llegations Of Misconduct Raised Against LPL Financial LLC Brokers Brian Griffith, Kevin Sofoul, Virginia Nichols
LPL Financial LLC (CRD#: 6413, Boston, Massachusetts) is a FINRA-regulated brokerage firm and SEC-regulated investment adviser firm. Mainly, LPL Financial LLC reports through FINRA BrokerCheck that regulators have taken disciplinary action against it 153 times. Also, arbitrators in approximately 54 instances required the firm to pay customers compensatory damages for, among other things, failure to supervise its brokers and violating fiduciary duties. Several LPL Financial LLC brokers report serious matters that raise concerns for investors. For example, take a look at the misconduct alleged against brokers Brian Griffith, Kevin Sofoul and Virginia Nichols.
LPL Settles Customer’s Arbitration Claim Concerning Brian Griffith, Fraudulent Annuity Sales
Brian Edwin Griffith (CRD#: 1299530, Medford, Oregon) is a past securities representative of LPL Financial LLC. Apparently, he was a broker of LPL Financial LLC for sixteen years, departing the firm April 11, 2017. Evidently, a customer disputed Brian Griffith’s sales practices by filing FINRA Arbitration #15-02870. Firstly, the customer stated that Brian Griffith made unsuitable investments for the customer’s account. Second, Brian Griffith or LPL Financial, LLC committed fraudulent activities in dealing with the customer. Third, the customer alleged Brian Griffith misrepresented a variable annuity, and breached a fiduciary duty in reference to his annuity sale. Furthermore, the customer claimed that LPL Financial did not supervise the customer’s annuity purchases. Because of this, LPL Financial LLC agreed to pay the customer $217,430 to settle the matter.
LPL Terminates Broker Kevin Sofoul For Outside Business Activities
Kevin Sofoul (CRD#: 5050515, The Woodlands, Texas) is a past LPL Financial LLC registered representative. According to the FINRA BrokerCheck profile for Kevin Sofoul, he worked at the firm’s Woodlands, Texas offices from December 1, 2011 to May 20, 2016. However, the firm discharged Kevin Sofoul on April 22, 2016 for violating the firm’s policy. Allegedly, Kevin Sofoul engaged in outside business activities. Generally, brokers including Kevin Sofoul are required to disclose, in advance, any business activities which they want to engage in outside the scope of their employment. Kevin Sofoul potentially engaged in undisclosed outside activities which could have involved investors. In some cases, FINRA proceeds with disciplinary action against brokers that engage in outside business activities. Currently, Kevin Sofoul is not registered as a broker.
FINRA Bars LPL Financial Broker Virginia Nichols
Virginia Nichols (CRD#: 1674308, Richmond Hill, Georgia) is an ex LPL Financial LLC broker. Evidently, Virginia Nichols worked for LPL Financial’s Richmond Hill, Georgia offices from August 19, 2011 to May 8, 2018. Around this time, FINRA made an inquiry into her. Supposedly; however, Virginia Nichols did not provide information to FINRA. As a result, FINRA suspended her effectively on September 10, 2018. A few months later, on November 20, 2018, when Virginia Nichols did not request the termination of her suspension, FINRA barred her in all capacities. Virginia Nichols was licensed as a general securities representative and general securities sales supervisor. Aside from working at LPL Financial, Virginia Nichols worked at firms including Merrill Lynch and Citigroup.
Have you experienced losses by investing with LPL Financial LLC brokers Brian Griffith, Kevin Sofoul or Virginia Nichols? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and
advance all costs.