Soreide Law Group recently filed a FINRA arbitration on behalf of our client (Claimant) against:
LPL FINANCIAL LLC (Respondent)
The Claimant resides in Illinois and resided there during the time he maintained accounts with the Respondent. LPL is a full-service securities broker/dealer with offices around the country.
The Claimant brings this lawsuit due to LPL FINANCIAL LLC and its former financial advisor, Wayne Wagner’s alleged misconduct. Wayne Wagner is not named in this lawsuit.
The lawsuit alleges that LPL FINANCIAL LLC and their former registered representative, Wayne Wagner, sold the Claimant’s Apple stock without authorization. In addition, LPL FINANCIAL LLC and their former representative allegedly recommended and purchased speculative, front-load alternative investment funds without adequately explaining the risks and fee structure, one in particular, FS Energy & Power Fund (FSEP). FSEP is a publicly registered, non-traded business development company sponsored by FS Investments. Non-traded BDCs can carry high risks for investors. Investors may face sales commissions as high as 10% for the brokers selling them. They can also charge high fees, are illiquid, and when you are ready to sell them you may not be able to find a buyer.
As result, the Claimant has suffered unnecessary losses to his irreplaceable retirement savings during a time when global markets have enjoyed record returns. The Claimant has allegedly suffered damages of at least $60,000 due to the Respondent’s alleged misconduct.
The lawsuit against LPL FINANCIAL LLC alleges: Breach of fiduciary duty, violation of NASD and NYSE rules, breach of contract, and negligence.
If you have also suffered investment losses due to the recommendations or actions of LPL FINANCIAL LLC and/or their former registered representative, Wayne Wagner, 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.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.
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