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Investment Misconduct Blog

LPL Financial

Invest with Brian Royster? Two of the Barred Broker’s Customers Recently Settled Claims.

Adam J. Marquardt August 31, 2018

According to FINRA public records, barred broker Brian Lamont Royster (Brian Royster) has three disclosed customer disputes.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates brokers and brokerage firms. Between October 2013 and January 2018, customers filed disputes seeking damages for Brian Royster’s alleged misconduct.  Allegations include he recommended and misrepresented annuities that were

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Bradley Everett Gardner, Ex-LPL Broker, Accused of Theft by FINRA

Adam J. Marquardt June 8, 2018

On June 5, 2018, FINRA announced that it permanently barred former securities broker Bradley Everett Gardner from associating with firms registered with FINRA in any capacity.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Gardner after

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Michael P. Spolar, Ex-Broker, Has Ten Customer Complaints and Was Recently Denied Ohio License

Adam J. Marquardt May 17, 2018

On March 29, 2018, the State of Ohio Division of Securities denied an application for a securities license to former LPL Financial LLC and International Assets Advisory LLC broker, Michael P. Spolar.  The decision comes in the wake of ten customer claims accusing Spolar of misconduct, two broker-dealers discharging him, and a securities regulator suspending

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LPL Financial Fined Up To $26 Million for Unregistered Securities Sales

Adam J. Marquardt May 4, 2018

On May 2, 2018, the North American Securities Administrators Association (NASAA)—the association of state, Canada, Mexico, and U.S. territory securities regulators—announced a settlement with LPL Financial LLC.  The settlement between the NASAA and LPL requires LPL to offer to repurchase certain unregistered securities it sold investors since October 2006 and to pay civil penalties that

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Laura Shean, Former LPL Broker, Barred from Securities Industry for Allegedly Stealing Client Funds

Adam J. Marquardt April 5, 2018

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

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Sanders Spangler, former LPL Financial LLC Stockbroker, Barred from Securities Industry for Failing to Cooperate with FINRA’s Investigation into Alleged Unauthorized Trading

Adam J. Marquardt March 26, 2018

According to public records, FINRA barred former broker Sanders Spangler from the securities industry on March 26, 2018.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Sanders Spangler because he declined to give sworn testimony regarding

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JoeAnn Walker (JoAnne Mitchell), Former Next Financial and LPL Financial Broker, Barred by FINRA from Associating with Securities Firms

Adam J. Marquardt March 14, 2018

On March 13, 2018, FINRA barred JoeAnn Walker from associating with any FINRA member firms as of December 12, 2017.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates stock brokers and brokerage firms. FINRA stated in a Letter of Acceptance, Waiver and Consent (“AWC”) that JoeAnn Walker was barred for allegedly failing to produce

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