LPL Financial
Broker/Dealer Spotlight: LPL Financial Group
Maddox Hargett & Caruso, P.C. currently is investigating potential claims on behalf of individual and institutional investors involving LPL Financial Group and its related entities: Fortigent Holdings Company and The Private Trust Company N.A. These claims include: LPL brokers withholding information about the underlying risks of some investment products and/or selling unsuitable and complex investments to less sophisticated investors.
Headquartered in Boston, LPL Financial was formed in 1989 through the merger of two brokerage firms: Linsco (established in 1968) and Private Ledger (founded in 1973).
LPL Financial purports to be the nation’s largest independent broker-dealer, a top registered investment advisor custodian and a leading consultant to retirement plans through a platform of over 13,300 independent financial advisors and approximately 4,500 financial advisors who are associated with approximately 700 financial institutions throughout the United States including regional and community banks, insurance companies and credit unions.
LPL has been the subject of a number of enforcement actions and proceedings that have been commenced by the following regulatory authorities: [1]
U.S. Securities & Exchange Commission: Sept. 11, 2008 [3-13181]; and Feb. 12, 2004 [3-11401]
FINRA: Mar. 24, 2014 [2011027170901]; May 21, 2013 [2012032218001]; May 16, 2013 [2009020204701]; Dec. 31, 2012 [2011029101501]; Jun. 26, 2012 [2010024975401]; Jul. 26, 2011 [2008012537201]; Jun. 8, 2011 [2010021545201]; Jan. 20, 2011 [2009016570001]; Jan. 20, 2011 [2009016922702]; Jan. 6, 2011 [2007011340401]; Dec. 22, 2010 [2009017682701]; Sept. 4, 2009 [2008013716201]; and Jun. 3, 2008 [E062004027401]
NASD: Apr. 17, 2007 [2005003190804]; Dec. 21, 2006 [EAF0400610003]; Jan. 6, 2006 [E112004010901]; Dec. 19, 2005 [E1120030718-01]; Nov. 14, 2005 [E012002060302]; Jun. 8, 2005 [CE4050009]; Nov. 30, 2004 [CAF040093]; Oct. 11, 2004 [C05040072]; Feb. 12, 2004 [CAF040005]; Mar. 27, 2003 [CMS030072]; Feb. 13, 2003 [CMS030029]; Mar. 22, 1988; Jun. 12, 1986; and Jun. 4, 1980 [CA-793]
Georgia: May 14, 1986 [50-86-9529]
Hawaii: Dec. 24, 2007 [SEU-2007-73]
Illinois: Oct. 24, 2011 [1000096]; and Jul. 12, 2010 [0800381]
Indiana: May 17, 2011 [11-0129CA]
Kansas: May 28, 1997 [97E179]
Kentucky: Dec. 8, 2009 [2010-AH-012]
Massachusetts: Dec. 12, 2012 [2012-0036]
Michigan: May 20, 1984 [82-66-S]
Missouri: Dec. 17, 2013 [AP-13-21]; Aug. 11, 2010 [AP-10-16]
Montana: Nov. 4, 2012 [SEC-2012-144]; and Sept. 11, 2009 [SEC-2009-46]
New Hampshire: Jun. 22, 1999 [INV98-040B]
North Dakota: Mar. 1, 2000; and Mar. 17, 1994
Oregon: Nov. 8, 2011 [S-07-0001-2]
Pennsylvania: Dec. 6, 2011 [2009-10-06]; Nov. 20, 2007 [2007-03-01]; and Oct. 9, 1996 [9501-04LC]
Texas: Dec. 30, 2008 [IC08-CAF-22]; and Jun. 28, 2006 [IC06-CAF-19]
In addition, LPL Financial’s ongoing problems with regulators have been the subject of a various media reports in the Wall Street Journal, Bloomberg, the New York Times, Investment News, Reuters, as well as other media outlets. Many of these stories are summarized in the Current Investigations and Investor Blog sections of our Web site.
Since 1991, Maddox Hargett & Caruso, P.C. has represented the interests of individual and institutional investors in cases involving financial losses due to investment fraud, stockbroker misconduct or professional negligence.
If you are an individual or institutional investor with concerns or questions about investments or an account related to LPL Financial Group, please contact one of the attorneys listed below for a confidential consultation on regarding potential claims:
Mark E. Maddox, mmaddox@mhclaw.com, 317.598.2043
Steven B. Caruso, sbcaruso@aol.com, 212.837.7908
[1] These regulatory enforcement actions and proceedings, which were derived from LPL’s Central Registration Depository (CRD) report dated Apr. 18, 2014 , indicate the approximate date that each action/proceeding was initiated and the docket number for each of the same.