Mike Lancaster Investigated By FINRA

FINRA Investigating LPL Broker Mike Lancaster

The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Michael “Mike” Joseph Lancaster (CRD#: 1353552, Tampa, Florida). Namely, the securities broker, who worked for LPL Financial LLC from May 2011 to February 2021, appears to be under FINRA investigation relating to an investor complaint. Evidently, two investors filed disputes about Lancaster’s sales practices. Here’s what we know about these incidents.

FINRA Investigating Client’s Dispute About Mike Lancaster

First of all, on March 22, 2021, FINRA disclosed an investigation into a client complaint concerning Mike Lancaster. Specifically, the client brought the complaint to LPL Financial’s attention about Lancaster making potentially unsuitable investment recommendations and misrepresentations relating to a closed end fund. Allegedly, Lancaster guaranteed that the client would not lose money. BrokerCheck shows that FINRA’s investigation concerns Lancaster’s actions at both NFP Securities and LPL Financial. This matter is ongoing.
Notably, in a prior NASD matter, the regulator suspended Lancaster to resolve allegations that he made discretionary trades at NFP Securities. Supposedly, Lancaster lacked necessary written authorization from clients for trading. The securities firm did not give discretionary trading power to Lancaster either. He satisfied the suspension and paid the fine.

LPL Financial Disaffiliates With Lancaster

It appears that LPL Financial disaffiliated with Mike Lancaster in January 2021. According to LPL Financial, Lancaster shared in a client’s losses. The securities broker purportedly paid the client without telling LPL Financial.

LPL Financial Client’s Dispute Concerns Misrepresentation And Unsuitable Recommendations By Mike Lancaster

Specifically, a client of LPL Financial and NFP Securities filed an investment dispute in January 2021 regarding Mike Lancaster. First of all, the client claimed that Lancaster recommended an unsuitable investment to them. Secondly, the securities broker allegedly misrepresented how the closed end fund performed. Finally, the client claimed that Lancaster guaranteed that the client would not lose money. It seems that the client sustained losses from February 2011 to January 2021. For this reason, LPL Financial opted to settle with the client through making a $15,000 payment to them in May 2021.

Capital Analysts Client Alleges Unsuitable Annuity By Lancaster

In addition, a client of Capital Analysts brought a dispute about Mike Lancaster. Supposedly, Lancaster made unsuitable investments in their variable annuity. It appears that Lancaster caused the client’s account value to decline because of these trades. For this reason, Capital Analysts opted to pay the client $15,000 to resolve this matter.

Did Mike Lancaster Let You Down?

Did you suffer losses or damages because of broker Mike Lancaster? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about potentially recovering your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for investors in the US who have incurred losses because of their financial advisors and securities brokers. Keep in mind: Lancaster denies all allegations of his sales practice violations.

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