Soreide Law Group is investigating, and a recent FINRA arbitration has been filed on behalf of the clients (Claimants) against LPL FINANCIAL LLC (Respondents).
The Claimants reside in Texas, and bring the lawsuit to recover the financial losses the suffered due to the alleged mishandling of the Claimants’ assets by failing to properly allocate and diversify the Claimants’ investment portfolios.
The lawsuit claims that LPL FINANCIAL LLC and its former Financial Advisor, Enrique Lopez, allegedly purchased speculative non-traded REITs for the Claimants in concentration, and recommended an unsuitable annuity switch for one of the Claimants. Lopez was not named in this lawsuit.
Non-traded REITs are not listed on an exchange; their shares are illiquid and they have substantial valuation and redemption risks. Investors of non-traded REITs can typically only sell their shares after a holding period of a year and under a limited repurchase program.
The lawsuit alleges that LPL FINANCIAL LLC over-concentrated the Claimants’ portfolios in high-commission and risky products.
The Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns. The lawsuit is claiming damages of no less than $2,000,000.
The lawsuit alleges that the Respondents’ actions in this case constitute breach of contract, failure to supervise, breach of fiduciary duty, and violations of FINRA rules.
According to FINRA’s BrokerCheck, ENRIQUE LOPEZ (RICK LOPEZ) CRD#: 2209385, has been in the securities industry for 21 years and has been listed with 6 firms. Lopez is currently listed with the following firm since 9/21/2018:
ARKADIOS CAPITAL
1801 South McColl Road
McAllen, TX 78503
Lopez was previously listed with:
03/13/2008 - 08/08/2018 LPL FINANCIAL LLC - MCALLEN, TX
If you’ve suffered financial losses due to the actions or recommendations of LPL FINANCIAL LLC of MCALLEN, TX, and/or their former broker, Enrique (Rick) Lopez, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.
JOHN LAWRENCE ALEX (JOHN L ALEX) has been registered both as a broker and financial advisor with MORGAN STANLEY of Morristown, New Jersey, since11/15/2011. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOHN L ALEX has 36 years of experience in the securities industry and has been registered with 4 firms. Alex […]
JOSEPH KELLY (JOE KELLY) has been registered as a broker with VCS VENTURE SECURITIES of New York, NY since 6/17/2026. He was previously registered with SPARTAN CAPITAL SECURITIES LLC of New York, NY from 01/13/2017 - 12/18/2024. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JOSEPH KELLY has 21 years of experience […]
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CENTAURUS FINANCIAL, INC (Respondent). The Claimants reside in Arizona and are retired. The Claimants were seeking stable investments that would provide them with income. The lawsuit states that the Claimants have a long-standing relationship with CENTAURUS FINANCIAL and its Financial Advisor, […]
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