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February 18, 2016

LPL Fined after Broker Allegedly Exploits Elderly Woman

Two investors, a mother and daughter, were awarded $52,062 by a FINRA arbitration panel after they allegedly received unsuitable recommendations from their LPL broker, Samuel Izaguirre. The investors were only claiming about $9,000 in damages, but because of one of the investor’s age and diminished mental capacity, they were awarded treble damages and attorney’s fees. Izaguirre is still registered with FINRA and LPL has stood by him, claiming he acted in “good faith.” The claims related to advice Izaguirre provide in connection with an IRA account.

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