Skip to main content

FINRA Panel Finds LPL Financial Liable in Customer Dispute

By November 23, 2015September 20th, 2017News

A FINRA Panel awarded customer Freddy Holcomb over $37,000 relating to allegations that his former financial adviser, Michael Lynn Fortner with LPL Financial LLC (“LPL”), mishandled Holcomb’s investments.

Mr. Holcomb asserted claims of negligence, misrepresentations, omission of facts, and unsuitability in the arbitration against Fortner and LPL, which stemmed from Holcomb’s investments in Citigroup, Synovus, Washington Mutual and AIG stock, according to the FINRA Award.

The FINRA Panel held Fortner and LPL liable, jointly and severally, for the judgment of $37,348.83 in compensatory damages in the ruling released November 16, 2015.

Fortner was employed by LPL from August 2003 through May 2011. He is currently registered with SCF Securities, Inc. of Houston Texas.

LPL has been the subject of numerous customer complaints over the past several years, according to a review of its FINRA BrokerCheck report. Most recently, LPL agreed to a $1.4 million fine in a settlement with state regulators involving allegations that it sold unsuitable real estate investment trusts (“REITs”) to some customers.

Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.

GWG Holdings Files for Bankruptcy: How Might That Impact L Bond Investors?