Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to prior LPL Financial securities broker Laura Shean [CRD#: 2628756, Medford, Oregon]. Not only has Oregon Division of Financial Regulation and FINRA sanctioned the securities broker for unauthorized transactions, but clients also raised serious concerns about the securities broker. In sum, these disclosures suggest that Shean misrepresented information and misappropriated funds from a client’s investment account. Read on to learn more concerning the allegations against her.
Laura Shean’s Actions Were Deceptive According To Oregon Regulator
Evidently, on January 17, 2019, Oregon Division of Financial Regulation issued Consent Order S-17-0156 sanctioning Laura Shean. Specifically, the Division ordered her to cease and desist from violating securities laws, revoked her licenses, barred her from being a securities broker, and fined her $30,000. It appears that Shean misappropriated $124,402.83 from an elderly client through 6 transactions. The Oregon regulator also claimed that she was dishonest, manipulative and deceptive towards the client.
FINRA Bars Shean For Stealing From Client
Evidently, FINRA issued Acceptance, Waiver and Consent (AWC) #: 2017056236901 on April 3, 2018 barring Laura Shean for conversion. Notably, FINRA says that Shean violated FINRA Rules 2150(a) and 2010 through wrongfully taking a vulnerable, elderly client’s funds. It seems that the securities broker told the IRS to resolve her tax obligations by debiting the client’s account from March 2017 to October 2017. For this reason, on April 3, 2018, FINRA barred Shean in every capacity.
LPL Financial Disaffiliates With Laura Shean For Tapping Client’s Brokerage Account
Apparently, Laura Shean worked for LPL Financial between 1999 and 2017. Supposedly, on November 2, 2017, LPL Financial disaffiliated with Shean. Notably, LPL Financial contended that Shean accessed a client’s account for her “personal use”.
Linsco Private Ledger Corp. Client Indicates Shean Misrepresented Investments
Also, a client of Linsco Private Ledger Corp. contested Laura Shean’s securities recommendations or sales through bringing a complaint in 2005. Allegedly, Shean made false statements or representations to the client about transactions in the client’s 401(k). Supposedly, the mutual funds which Shean recommended were not purchased at net asset value like the securities broker represented. However, this matter closed without resolution.
Losses From Laura Shean?
Have you experienced losses by investing with Laura Shean? 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 millions of dollars for clients who have incurred losses due to misconduct of brokerage firms and securities brokers like Shean.