Trading of Short – Term Unit Investment Trusts Ends with Suspension and Fines

By Tom Costello of Costello Law Group FINRA suspended ex LPL broker, Mark Tauzin, from the securities industry for eight months for unsuitable short-term trading of unit investment trusts (UITs). FINRA alleged the short term trading was for the purpose of generating excessive commissions. FINRA ordered Tauzin to repay clients $205,000 plus interest […]

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LPL Fined after Broker Allegedly Exploits Elderly Woman

By Tom Costello of Costello Law Group  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 […]

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LPL Hit with $11.7 million Fine

By Tom Costello of Costello Law Group  LPL Financial was fined $11.7 million by the Financial Industry Regulatory Authority (FINRA) for supervisory failures. FINRA believes that the supervisory failures began in 2007 when LPL allegedly did not properly supervise the sale of complex products. FINRA also alleges that the system LPL had in […]

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LPL Broker Ordered to Pay $2 million after Defrauding Clients

By Tom Costello of Costello Law Group After allegedly bilking clients of almost $1.7 million, Blake B. Richards, a former LPL broker, was ordered to pay $2 million by Judge Willis B. Hunt, Jr. The Securities and Exchange Commission (SEC) first announced the charges against Richards in the summer of 2012. The SEC […]

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LPL Broker Barred for Nontraded REIT Sales

By Tom Costello of Costello Law Group Gary Chackman, a long time LPL broker, was barred from the financial industry by the Financial Industry Regulatory Authority, Inc. (FINRA) for abusive sales practices involving nontraded real estate investment trusts (REITs). According to FINRA, Chackman falsified documents to effectuate the improper REIT sales. By falsifying […]

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