LPL Financial, Samuel Izaguirre

Soreide Law Group, based in South Florida, has filed a FINRA arbitration on behalf of their client (Claimant) against:
LPL FINANCIAL LLC (Respondent)
The Claimant maintained an investment relationship with LPL FINANCIAL and its Financial Advisor, Samuel Izaguirre of Miami Lakes, Florida. The Claimant was a retired school teacher in her 90s. She was a widow with a disabled son who was approximately 90 years-old when she was allegedly sold a series of unsuitable investments.  The lawsuit claims that these investments were allegedly designed to generate excessive commissions for the Respondent and its registered representative, Samuel Izaguirre. Izaguirre is not named in this lawsuit.
The lawsuit claims that the Claimant did not want to take on any unnecessary risks. She had created a trust for her disabled son to provide for his long-term care after she passed away. The lawsuit states that the first investment at issue was a $250,000 purchase in Northstar Healthcare REIT. Northstar Healthcare REIT is a speculative investment that utilizes leverage. Unfortunately, Northstar Healthcare has traded down from $10 per share to approximately $2.50. The Claimant has suffered significant damages in this investment with principal losses of at least $178,000.
The Respondent, and her financial Samuel Izaguirre, also sold the Claimant a speculative business development company called FS KKR. This investment had declined 40% in early 2020. The investment has declined another 40% since going public in June 2020. As a result, the lawsuit states that the Claimant has suffered principal losses of approximately $100,000.
The lawsuit claims that LPL Financial also approved the sale of an annuity for over $1,000,000 to this elderly widow. When the Claimant passed away, her family was allegedly hit with a tax bill over $290,000 allegedly due to the ordinary income status tied to annuity investments. The lawsuit alleges that this recommendation was highly unsuitable and likely generated commissions approaching $100,000.
The lawsuit alleges that the Claimant has suffered unnecessary damages of approximately $600,000.  The allegations are:  Negligence, breach of fiduciary duty, negligent supervision, and breach of contract.
According to FINRA’s BrokerCheck, Samuel Izaguirre has been in the securities industry for 14 years and was listed with 4 firms.  He is currently listed with the following firm since 2/1/2011:
LPL FINANCIAL LLC
6625 MIAMI LAKES DR STE 381
MIAMI LAKES, FL 33014-2702
The Respondents have denied these allegations, and the allegations have yet to be proven true.
In August of 2019, Soreide Law Group also filed a lawsuit involving LPL Financial and Samuel Izaguirre. The following post appeared on our blog:
 https://www.securitieslawyer.com/lpl-lawsuit-filed/
If you or an elderly family member have also experienced investment losses due to the actions or recommendations of LPL FINANCIAL LLC and/or their registered representative, Samuel Izaguirre of Miami Lakes, Florida, contact Soreide Law Group, conveniently based in South Florida, and speak to an experienced securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.