On Dec. 4th., 2013, Springfield, Illinois financial advisor, David Matthew Lisnek, 45, was arrested for allegedly defrauding an 84-year-old Sangamon County woman out of $65,000. Lisnek had written several books on investing, including one on how to avoid being defrauded by your financial advisor. David Lisnek was employed by LPL Financial LLC. He was terminated […]

On Dec. 4th., 2013, Springfield, Illinois financial advisor, David Matthew Lisnek, 45, was arrested for allegedly defrauding an 84-year-old Sangamon County woman out of $65,000. Lisnek had written several books on investing, including one on how to avoid being defrauded by your financial advisor. David Lisnek was employed by LPL Financial LLC. He was terminated […]

According to a recent article in the New York Times, LPL Financial, has 13,300 brokers, 6,500 offices, 4.3 million customers — and a growing list of problems with regulators. LPL is now the nation’s fourth-largest brokerage firm — after Wells Fargo, Morgan Stanley and Merrill Lynch — and the largest in much of rural America--its […]

Last week LPL Financial Holdings agreed to pay $2.5 million in fines and restitution for improperly supervising brokers who sold non-traded real estate investment trusts. (Please note that LPL neither admitted nor denied wrongdoing.) These non-traded REITs are high-yielding and very popular. These non-traded REITs have jumped about 50% since 2009, to $65 billion. They […]

In an article in the Wall Street Journal, Feb. 11, 2013, Matthew Heimer writes that ever since the Federal Reserve started pushing interest rates to new lows, it’s been a common theme for retirees and other conservative investors accepting more risk to get a decent income from their portfolios. Last week LPL Financial Holdings agreed […]

The brokerage, LPL Financial, LLC, was fined $100,000 November 22, 2011,  by the State of Oregon for failing to supervise a broker that sold high-risk oil and gas partnerships to clients, many of whom were elderly. According to the Oregon Department of Consumer and Business Services, a former LPL representative, Jack Kleck, sold the oil and gas investments […]

In a November 23, 2011, article in FA Magazine, Karen DeMasters writes that LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers in Oregon who sold risky investments to people, many of them elderly and without the mental capacity to make investment decisions. It was reported that the Oregon […]