January 2, 2020

LPL FINANCIAL LLC Lawsuit Filed

FINRA Lawsuit Filed

Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against, LPL FINANCIAL LLC (Respondent).
The Claimant, who resides in Maryland, maintained an investment relationship with LPL FINANCIAL and its Financial Advisor, Gregory Gann. Gann is not named in this lawsuit.
The lawsuit alleges that the Claimant advised the Respondent that he did not want to take unnecessary risks with his retirement savings. However, LPL FINANCIAL allegedly solicited the Claimant to invest in the Northstar Healthcare REIT.
LPL FINANCIAL, the lawsuit alleges, failed to adequately advise the Claimant regarding the risks of this recommendation, and the high commissions the Respondent allegedly received for selling the REIT.
The lawsuit alleges that the Claimant has suffered significant damages in these investments with principal losses of at least $52,000 during a time when the financial markets have enjoyed record returns.
According to the lawsuit, allegedly LPL FINANCIAL’s actions in this case constitute breach of contract, negligent supervision, breach of fiduciary duty, negligence, and violation of FINRA rules.
FINRA has reminded it’s members offering Non-Conventional Investments such as REITs and other alternatives of their obligations to:
(1) conduct adequate due diligence to understand the features of the product;
(2) perform a reasonable-basis suitability analysis;
(3) perform customer-specific suitability analysis in connection with any recommended transactions;
(4) provide a balanced disclosure of both the risks and rewards associated with the particular product, especially when selling to retail investors;
(5) implement appropriate internal controls; and
(6) train registered persons regarding the features, risks, and suitability of these products.
According to FINRA’s BrokerCheck, GREGORY GANN (CRD# 2144505), has been registered in the securities industry since 2000.  He is currently registered with the following firm since 07/12/2005:
LPL FINANCIAL LLC
3 CHURCH LANE
BALTIMORE, MD  21208
If you’ve suffered losses due to the actions or recommendations of LPL FINANCIAL LLC and/or their financial advisor, Gregory Gann of Baltimore, Maryland, 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 represents our clients nationwide before FINRA on a contingency fee basis—no fee to you if no recovery.

Recent Posts

March 26, 2024
Stifel Fined $400K by FINRA

According to a recent article in Wealth Management, Stifel will pay over $400,000 to settle FINRA disciplinary charges that the firm allegedly did not properly supervise one of their registered representatives who misappropriated over $100,000 from an elderly client. Stifel agreed to the penalties without admitting or denying FINRA’s findings. In addition to a $400,000 penalty, Stifel […]

March 18, 2024
JAYSON R POCIUS Barred by FINRA

JAYSON R POCIUS, a former broker with Wells Fargo Advisors Financial Network, LLC of Arlington Heights, IL, who was registered with Wells Fargo from 2019 through June of 2023, was barred from the securities industry by FINRA on March 8, 2024, after he failed to cooperate with an investigation by the Financial Industry Regulatory Authority […]

March 15, 2024
William Savary Fined, Involved In Investor Complaint

Soreide Law Group is looking into possible investor claims on behalf of those who incurred losses through securities broker William Savary [CRD: 1069141, Gig Harbor, Washington]. Evidently, Savary joined Abraham Securities Corporation on August 12, 2021. He previously worked for Spencer-Winston Securities Corporation from October 3, 2019, to July 23, 2020. Keep reading to learn […]

Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062
Helping clients recover money across the USA
search
Copyright © 2022 Soreide Law Group, PLLC  |  All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram