Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against: LPL FINANCIAL LLC (Respondent).
The Claimant, who resides in Texas, maintained an investment relationship with LPL FINANCIAL and its Financial Advisor, Enrique Lopez. Lopez is not named in this lawsuit.
The Claimant, the lawsuit alleges, advised LPL FINANCIAL that she did not want to take unnecessary risks with her savings. However, the Respondent allegedly solicited the Claimant to invest in several REITs, which included but not limited to the Northstar Healthcare REIT.
The lawsuit alleges that LPL FINANCIAL failed to adequately advise the Claimant regarding the risks of this recommendation, and the high commissions the Respondent allegedly received for selling REITs. The lawsuit alleges that the Respondent and Enrique Lopez sold Northstar Healthcare REIT to many clients. Allegedly, Enrique Lopez advised the Claimant that REITs were secure and that the Claimant could withdraw her investment principal at any time from the REITs. Unfortunately, these representations were simply false. The Claimant has had difficulty selling her REITs, and Northstar Healthcare REIT has traded down from $10.00 per share to $2.20 on the secondary market.
The Claimant, the lawsuit alleges, has suffered significant damages in these investments of approximately $499,999 during a time when the financial markets have enjoyed record returns.
The lawsuit alleges that the Respondent’s actions in this case constitute: breach of contract, negligent supervision, breach of fiduciary duty, negligence, and violation of FINRA rules.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, ENRIQUE LOPEZ has 3 Disclosures on his report. All 3 of the Disclosures are Customer Disputes. There was a Customer Dispute filed in June of 2019 that is requesting damages of $2,000,000. The allegations listed are, “allege that between 2014 and 2016 advisor misrepresented and recommended unsuitable, concentrated investments in speculative real estate investment trusts. Customers also allege that advisor recommended an unsuitable annuity switch.” In April of 2017, according to BrokerCheck, there were damages granted to another of Lopez’ Customer Disputes in the amount of $1,554,839.70.
Lopez has been in the securities industry for 22 years and has been listed with 6 firms. He has been registered with the following firm since 9/21/2018:
1801 South McColl Road
McAllen, TX 78503
Lopez was previously registered with:
03/13/2008 – 08/08/2018 LPL FINANCIAL LLC – MCALLEN, TX
If you’ve also experienced losses after investing in private placements such as, Northstar Healthcare REIT, through LPL FINANCIAL LLC and/or ENRIQUE LOPEZ, formerly with LPL FINANCIAL LLC, and currently with ARKADIOS CAPITAL, of McAllen, Texas, contact Soreide Law Group 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.