On April 3, 2018, FINRA barred Laura Shean from associating with firms registered with FINRA after finding she stole $124,000 from her client. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms.
FINRA announced Shean’s bar in a Letter of Acceptance, Waiver and Consent (AWC). The AWC states “on six occasions between March 2017 and October 2017, Shean made tax payments for her own benefit to the Internal Revenue Service (the ‘IRS’) by improperly directing the IRS to debit funds from a customer’s brokerage account. The payments totaled approximately $124,000.”
In the AWC, FINRA stated Shean’s conduct violated FINRA Rule 2150 that prohibits brokers from improperly using customers’ securities or funds. Shean signed the AWC, which states she consented to her bar but did not admit or deny FINRA’s findings.
Laura Shean entered the securities industry in 1996. She was registered with LPL Financial LLC as a General Securities Representative from April 2000 through November 2017. While at LPL, she worked out of a branch office in Medford, Oregon.
According to public records, LPL Financial disclosed to FINRA that it fired Shean on November 2, 2017 for her “admitting to accessing one [of her] client’s funds for personal use.” Shean has not been registered with a brokerage firm since LPL dismissed her.
Investor Recovery Options
Brokerage firms, like LPL Financial, have a duty to adequately supervise their brokers’ conduct. When they violate that duty, investors have a right to pursue claims for their losses. Additionally, courts and arbitrators may find firms jointly responsible for their brokers’ wrongful acts under agency law theories.
If you have suffered losses while investing with Laura Shean, contact Marquardt Law Office LLC to speak with a securities attorney and receive a free case evaluation.
Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.