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Boulder, Colorado Financial Advisor, Formerly of LPL Financial LLC, Suspended by FINRA
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Arthur Obermeier from the securities industry for 60 days and fined him $5,000. Mr. Obermeier’s sanctions arise from his execution of trades without his customers’ authorization or consent.
Arthur Obermeier was registered with LPL Financial LLC in Boulder, Colorado, from June 2002 until his employment was terminated in May 2019. LPL Financial LLC fired Mr. Obermeier, alleging that he exercised discretion in clients’ accounts without authorization.
If you have suffered financial losses investing with Arthur Obermeier or suspect that Mr. Obermeier executed trades in your account without authorization, contact our New York securities arbitration law firm for a free and confidential consultation.
Iorio Law PLLC represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019062711601
Arthur Obermeier and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 11, 2021, over allegations related to Mr. Obermeier’s conduct between January 2019 and March 2019. Specifically, FINRA alleged:
- From January to March 2019, Mr. Obermeier executed six trades with a total principal value of approximately $798,000 in the accounts of two of his LPL Financial LLC customers.
- Mr. Obermeier executed these trades without first discussing with and obtaining authorization or consent for the trades from his customers.
- Specifically, in January 2019, Mr. Obermeier executed two sales with a total principal value of approximately $150,000 in a customer’s account.
- In March 2019, Mr. Obermeier executed two purchases with a total principal value of approximately $324,000 in the same customer’s account.
- He also executed two purchases with a total principal value of approximately $324,000 in a second customer’s account.
In non-discretionary accounts, customers retain discretion, and brokers must always obtain their customer’s permission before placing a trade. You can read more about unauthorized trading in the context of both discretionary and non-discretionary accounts here: Unauthorized Trading.
LPL Financial LLC – A Duty to Supervise
Financial institutions, like LPL Financial LLC, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as the improper use of discretion, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money or have been harmed by Arthur Obermeier or LPL Financial LLC, contact New York securities arbitration attorney August Iorio of Iorio Law PLLC. August Iorio can be reached at info@iorio.law or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.
About Iorio Law PLLC
Iorio Law PLLC is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
We have over 15 years of experience as securities arbitration lawyers and have helped investors recover investment losses in over 800 cases. The firm will file a FINRA securities arbitration claim on your behalf on a contingency fee basis to try to recover your losses. If we do not obtain a recovery, you do not owe us a legal fee.
This blog was published by August Iorio when he was a Partner at his previous firm and has been updated to reflect Iorio Law PLLC’s new contact information. To evaluate any potential claims, contact securities arbitration lawyer August Iorio for a free consultation contact Iorio Law PLLC at info@iorio.law or (646) 330-4624.