Skip to main content

Former LPL Financial Broker Gerard A. Fagnant Banned From the Securities Industry

By April 25, 2016September 20th, 2017News

Gerard A. Fagnant, a former representative of LPL Financial and Ameriprise Financial, consented to FINRA’s sanction that he be barred from the securities industry.  According to Fagnant’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, while he was associated with LPL, “Fagnant improperly accepted five loans totaling $325,000 from two Firm customers” and “falsely represented on two Firm compliance questionnaires…that he was in compliance with the Firm’s policies and procedures concerning lending arrangements and promissory notes.”  The AWC further reflects that Fagnant consented to “a bar from associating with any FINRA member firm in any capacity.”

A review of Fagnant’s FINRA BrokerCheck report shows that he was a registered representative of LPL Financial from November 2011 through April 2015 and that he was a registered representative of Ameriprise Financial from October 1988 through November 2011.  The report further indicates that Fagnant has been subject to two customer complaints.  In one complaint, the customer alleged that Fagnant failed to add a specific rider to a variable annuity.  This claim was settled in September 2009.  In the second complaint, the customers alleged that Fagnant recommended that they invest in a private promissory note, which was never repaid.  The customers seek damages of $368,750; this claim remains pending.

The FINRA disciplinary proceeding relating to Fagnant’s AWC is No. 2015046376501.

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?