Additionally, FINRA alleged that during the same period, Mr. McCallum sent emails to customers about the BDC that contained unwarranted and exaggerated claims, opinions, and forecasts, did not provide fair and balanced treatment of the risks and benefits of the investment, and contained promissory statements in violation of FINRA rules.

In addition to the suspension, Mr. McCallum was ordered to pay a $25,000 fine, disgorge $14,231 of commissions, and pay over $1.2 million in restitution to customers. However, it is unclear whether he will be able to satisfy the restation order and repay customers.

Customers of Mr. McCallum, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Kevin McCallum, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019062569501

FINRA and Mr. McCallum entered into a Letter of Acceptance, Waiver, and Consent No. 2019062569501 on June 17, 2021, after FINRA alleged that between May 2017, and June 2019, while associated with LPL Financial, Mr. McCallum made unsuitable recommendations to 12 customers, resulting in their overconcentration in a high-risk, publicly-traded business development company (BDC). As a result, Mr. McCallum violated FINRA Rules 2111 and 2010. Specifically, FINRA alleged:

• From May 2017 through June 2019, Mr. McCallum recommended concentrated investments to 12 customers in a high-risk and highly speculative publicly traded BDC that exhibited signs of financial distress, even though his customers had low or moderate risk tolerances and investment objectives and lacked any prior experience investing in BDCs.
• BDCs are a type of closed-end investment fund. BDCs typically invest in debt and equity of small and medium-sized companies that do not have ready access to public capital markets or other forms of conventional financing. The companies may be in their early stages of development or may be distressed companies that are not able to obtain bank loans or raise money from other investors. BDCs are required to distribute 90% of their ordinary taxable income as dividends to shareholders in return for favorable tax treatment.
• The BDC that Mr. McCallum recommended held first and second lien secured loans, unsecured loans, and equity in small and medium-sized companies in a variety of industries, including construction, banking, telecommunications, pharmaceutical, and oil and gas companies.
• The risk of loss for investments in this BDC was magnified because it borrowed money.
• Additionally, the illiquidity of the BDC’s investments presented the risk that it would be difficult for the BDC to sell such investments if required, causing it to realize significantly less than the value at which the BDC recorded the investments.
• Further, the BDC was exposed to interest rate risk that could affect its investment returns.
• From May 2017 through June 2019, the BDC’s net asset value (NAV) declined steadily as a result of write-downs to its loan portfolio. Likewise, the BDC’s share price and the percentage of NAV at which it traded declined throughout the period.
• During the period between May 2017 and June 2019, Mr. McCallum’s recommendations resulted in the 12 customers concentrating as much as approximately 17% to over 60% of their liquid net worth in the BDC.
• Four of the customers were over the age of 60, and seven of the customers invested retirement funds in the BDC.
• McCallum’s recommendations generated commissions to LPL totaling $37,492.78, $14,231.61 of which was paid to Mr. McCallum.
• After June 2019, the BDC’s stock price continued to decline.
• In November 2019, Mr. McCallum’s customers began to file arbitration claims against LPL concerning McCallum’s recommendations of the BDC, which precipitated FINRA’s investigation.
• One customer who realized losses from the sale of her positions obtained payment from LPL in connection with resolving her arbitration claims.
• Four other customers also sold their positions and realized losses totaling $1,222,092.29.
• By virtue of the foregoing, McCallum violated FINRA Rules 2111 and 2010.

Additionally, FINRA alleged that during the same period, Mr. McCallum sent emails to customers about the BDC that contained unwarranted and exaggerated claims, opinions, and forecasts, did not provide fair and balanced treatment of the risks and benefits of the investment, and contained promissory statements in violation of FINRA Rules 2210 and 2010. Specifically, FINRA alleged:

• Between October 2015 and June 2019, Mr. McCallum sent seventeen emails about the BDC to 19 customers, including eight of the customers to whom he made the unsuitable recommendations that violated the content standards of FINRA Rule 2210.
• All of the emails were unbalanced, in violation of FINRA Rule 2210(d)(1)(A), and 11 of the emails failed to provide a sound basis for evaluating the facts, also in violation of FINRA Rule 2210(d)(1)(A).
• Thirteen of the emails contained unwarranted and promissory statements in violation of FINRA Rule 2210(d)(1)(B).
• Finally, in 15 of the emails, Mr. McCallum provided impermissible projections and/or exaggerated or unwarranted claims, opinions, or forecasts in violation of FINRA Rule 2210(d)(1)(F).
• For example, in a March 2018 email to a customer, Mr. McCallum discussed the customer’s account performance, including the purported benefits of continuing to hold a position in the BDC, but failed to explain the associated risks, in violation of FINRA Rule 2210(d)(1)(A).
• McCallum also made statements that were promissory and unwarranted in violation of FINRA Rule 2210(d)(1)(B), by stating that the stock price of the BDC would increase to 80% to 90% of the NAV, stating that he did not anticipate further downside in the customer’s portfolio, stating that he was confident that the portfolio would rise back to previous levels and higher, and predicting that the Federal Reserve would raise interest rates three times in the year, which would benefit the BDC.
• Finally, McCallum also included an impermissible projection of the anticipated 12-month dividend cash flow from the BDC, in violation of FINRA Rule 2210(d)(1)(F).

Financial Advisor Kevin Marshall McCallum (CRD No. 2222586)

Kevin McCallum has 26 years of experience in the securities industry and has been associated with the following firms in Birmingham, AL:

• LPL Financial LLC, from May 2012 to July 2019.
• NBC Securities, Inc., from October 2009 to May 2012.
• Colonial Brokerage, Inc., from April 2007 to November 2009.
• Amsouth Investment Services, Inc., from May 1993 to March 2007.

Mr. McCallum, who is currently not registered with any broker-dealer, may also have been affiliated with Glacier Point Advisors, LLC.

According to his public disclosure report with FINRA, Mr. McCallum has been the subject of at least five customer disputes:

• Customer Dispute (February 2021): A customer filed a complaint alleging that between August 2019 and October 2019, Mr. McCallum unsuitable investment recommendations and concentrated the customer’s account in Medley Capital Corporation. The dispute is pending.
• Customer Dispute (December 2020): A customer filed a securities arbitration complaint alleging $4.8 million in damages. The complaint alleged that between October 2017 through December 2018, Mr. McCallum made discretionary investments and concentrated the customers’ accounts in a non-diversified, closed-end management company that was not consistent with their investment objectives. The dispute is pending.
• Customer Dispute (October 2020): A customer filed a securities arbitration complaint alleging that between February 2018 and December 2018, Mr. McCallum made unsuitable investment recommendations and concentrated the customer’s accounts in Medley Capital Corporation, a closed-end business development corporation. The dispute is pending.
• Customer Dispute (November 2019): A customer filed a securities arbitration complaint alleging that between 2011 and 2019, Mr. McCallum made unauthorized and unsuitable purchases of thinly traded shares of Medley Capital Corporation, resulting in more than 50% concentration in the customer’s account. The dispute was settled by LPL Financial for $70,000.
• Customer Dispute (April 2019): A customer filed a securities arbitration complaint alleging that beginning in 2012, Mr. McCallum engaged in fraudulent transactions in unsuitable and risky investments, including the unauthorized use of margin. LPL Financial paid the customer $500,000 to settle the dispute.

LPL Financial, LLC – A Duty to Supervise

Financial institutions like LPL Financial, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity, such as suitable investment recommendations, 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 suffered investment losses with Kevin McCallum or LPL Financial or suspect other inappropriate activity occurred in your investment or retirement account, contact securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

LPL Financial LLC allowed Mr. Hakimian to “voluntarily resign” after a customer alleged that he engaged in churning in the customer’s accounts and invested the customer’s funds in speculative ventures contrary to the customer’s objectives and risk tolerance, in addition to taking loans from the customer.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.

Churning is a more egregious variation of excessive trading. Churning refers to a situation where the broker executed an excessive number of trades and did so with the intent to defraud or reckless disregard for the customer’s interest. Churning is an unethical and illegal practice. It is also a violation of securities rules and regulations and can cause enormous harm to customers.

If you have suffered financial losses investing with Elias Hakimian, or suspect that Mr. Hakimian did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Iorio Altamirano LLP 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. 2019062902601

FINRA and Mr. Hakimian entered into a Letter of Acceptance, Waiver, and Consent No. 2019062902601 on April 21 2021, after FINRA alleged that in March 2011, Mr. Hakimian borrowed 120,000 from a customer without notice to or obtaining written pre-approval from LPL Financial LLC. Specifically, FINRA alleged:

• In March 2011, Mr. Hakimian borrowed $120,000 from an LPL customer with whom he had a close friendship.
• Hakimian signed a loan agreement and agreed to pay 10 percent interest per year, with the note to be repaid within two years.
• The loan was then extended and restructured several times.
• In 2019, Mr. Hakimian fully repaid the loan.
• LPL’s policies prohibited its registered representatives from borrowing money from customers except in certain limited circumstances, none of which applied to the loan Mr. Hakimian received from the customer.
• The firm’s policies also required its registered representatives to receive approval prior to borrowing money from customers.
• At no time did Mr. Hakimian seek or receive approval from LPL to enter into the loan agreement.
• In addition, in eight separate annual compliance questionnaires from 2011 to 2018, Mr. Hakimian falsely represented that he had not borrowed money from another individual or entity.
• The firm only learned of the loan after the customer complained.
• Hakimian violated FINRA Rules 3240 and 2010.

Financial Advisor Elias Moses Hakimian (CRD No. 4404048)

Elias Moses Lopez-Hakimian has 17 years of experience in the securities industry and was associated with LPL Financial LLC in Seal Beach, CA, from October 2005 to June 2019.

Mr. Hakimian also conduced business through an entity named Crystal Cove Advisors.

In April 2019, a customer filed a securities arbitration complaint against Mr. Hakimian and LPL Financial LLC. The customer alleged that between 2010 and 2017, Mr. Hakimian engaged in churning of the customer’s accounts and also invested the customer’s funds in speculative ventures. The customer also alleged that Mr. Hakimian borrowed money from customers. LPL Financial LLC and Mr. Hakimian settled the dispute for $275,000.

LPL Financial LLC – A Duty to Supervise

Financial institutions like LPL Financial LLC must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity, such as churning, 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 suffered investment losses with Elias Hakimian or LPL Financial LLC or suspect other inappropriate activity occurred in your investment or retirement account, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential review of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Mr. Bedwell was a financial advisor with LPL Financial LLC (“LPL Financial”) in Rodgers, Arkansas, from November 2017 until his employment ended in August 2019. On September 9, 2020, LPL Financial disclosed that Mr. Bedwell had been identified in a pending customer arbitration alleging that in 2019, he moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.

Before his employment with LPL Financial, Mr. Bedwell was a financial advisor at Arvest Wealth Management in Bentonville, Arkansas, from July 2015 until November 2017.

If you have suffered financial losses investing with Rhett Bedwell or LPL Financial LLC, or suspect inappropriate activity in your investment or retirement account, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC and Arvest Wealth Management.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020067764001

Rhett Douglas Bedwell and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on March 2, 2021, after Mr. Bedwell refused to provide information and documents in connection with FINRA’s investigation into whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to investment the client’s money into a Ponzi Scheme.

On September 14, 2020, September 28, 2020, October 22, 2020, and December 23, 2020, in connection with FINRA’s investigation, FINRA sent letters to Mr. Bedwell to produce information and documents pursuant to FINRA Rule 8210. Mr. Bedwell provided FINRA with some of the requested documents and information but failed to respond to other requests. On February 10, 2021, Mr. Bedwell, through counsel, stated on a phone call that he would not provide the remaining requested information or documents at any time.

By refusing to provide the information or documents, Mr. Bedwell violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.

Financial Advisor Rhett Douglas Bedwell (CRD# 5664392)

Rhett Bedwell had ten years of experience in the securities industry. He was employed and registered by the following brokerage firms:

• LPL Financial LLC in Rodgers, Arkansas, from November 2017 until August 2019.
• Arvest Wealth Management in Bentonville, Arkansas, from July 2015 until November 2017.
• Investment Professionals, Inc. in Bentonville, Arkansas, from April 2015 until July 2015.
• Wells Fargo Advisors, LLC in Springdale, Arkansas, from December 2012 until April 2015.
• Edward Jones in Springdale, Arkansas, from June 2009 until December 2012.

Mr. Bedwell’s public disclosure CRD report also discloses a $1,471.35 outstanding tax lien held by the State of Arkansas.

LPL Financial LLC – Supervisory Duties

Brokerage firms like LPL Financial LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as elder abuse and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, 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 with financial advisor Rhett Bedwell or LPL Financial LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

At the time of the alleged conduct, Mr. Hansen was a financial advisor with LPL Financial in Moab, Utah. LPL Financial terminated his employment in March 2020 for his conduct.

If you have lost money with broker Scott Hansen or LPL Financial, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019064872501

On February 25, 2021, Mr. Hansen and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”). The AWC includes the following factual findings:

• In June 2019, Mr. Hansen’s 70-year old customer was in hospice care.
• Hansen, who is not an attorney and has never attended law school, prepared a will and an irrevocable family trust agreement for the customer by downloading samples and modifying the documents based on what he believed to be the customer’s wishes.
• The customer signed the will and trust agreement and died shortly thereafter.
• Hansen later mailed the customer’s son an itemized invoice for $5,050, which included a $1,000 charge for estate planning, a $1,500 charge for the will, and a $2,000 charge for the trust agreement.
• Hansen’s bill warned, “failure to pay within 14 days will result in a legal claim against the Estate and all legal fees associated.”
• Hansen also emailed the customer’s daughter-in-law threatening a lawsuit if he did not receive payment for his services.
• Hansen did not provide prior written notice to LPL of any of the services he provided the customer as an outside business activity.
• Hansen violated FINRA Rules 3270 and 2010.

Financial Advisor Scott Richard Hansen (CRD No. 2837763)

Mr. Hansen has 23 years of experience in the securities industry and has been associated with the following entities:

• Black Coffee Investment Management, LLC (Founder, Chief Compliance Officer, and Investment Adviser Representative) in Moab, UT, from April 2020 – present.
• LPL Financial LLC (Registered Broker) in Moab, Utah, from November 2005 – April 2020.
• Wells Fargo Investments, LLC in San Francisco, CA, from December 2000 – November 2005.
• Wells Fargo Brokerage Services, L.L.C in Minneapolis, MN, from December 2000 – August 2002.
• Wells Fargo Securities Inc. in San Francisco, CA, from February 2000 – May 2001.
• Wells Fargo Brokerage Services, L.L.C. in Minneapolis, MN, from January 1997 – December 2000.

Mr. Hansen’s public CRD report also discloses that the Colorado Supreme Court has sanctioned him for his unauthorized practice of law.

LPL Financial: A Duty to Supervise

Financial institutions, like LPL Financial, 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 private securities transactions, 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 Losses or Obtain a Free Consultation

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

If you have lost money with Scott Hansen or LPL Financial, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

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 New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Iorio Altamirano LLP 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 lawyer August Iorio of Iorio Altamirano LLP at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC. First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor. A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments. Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020. No further details are publicly available regarding this pending complaint.

Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.

If you have suffered financial losses investing with Christopher B. Black or suspect that Mr. Black did not have your best interest in mind when recommending investments, including bonds, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC and Wells Fargo.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020066650101

Christopher B. Black and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 12, 2021, after Mr. Black refused to provide information and documents in connection with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer.

On November 6, 2020, in connection with an investigation into the circumstances of Mr. Black’s termination from LPL Financial LLC, FINRA sent a request to Mr. Black to produce information and documents pursuant to FINRA Rule 8210. Mr. Black reportedly stated during a phone call with FINRA on December 7, 2020, that he would not provide the requested information or documents at any time.

By refusing to provide the information or documents, Mr. Black violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.

Financial Advisor Christopher B. Black (CRD# 5049080)

Christopher B. Black has seven years of experience in the securities industry. He was employed and registered by the following brokerage firms:

• Linsco / Private Ledger Corp. in Rome, Georgia from May 2006 until May 2007.
• State Farm VP Management Corp. in Bloomington, IL from June 2007 until July 2007.
• Wells Fargo Clearing Services, LLC in St. Simons Island, Georgia from November 2013 until September 2017.
• LPL Financial LLC in Statesboro, Georgia, from October 2017 until April 2020.

Even though Mr. Black has only seven years of experience in the securities industry, Mr. Black has been the subject of three customer complaints:

• In April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor. According to Mr. Black’s BrokerCheck report, the complaint was settled by LPL Financial LLC for $128,936.70.
• In July 2020, a customer filed a complaint alleging misrepresentation and unsuitable recommendations concerning the purchase of bond investments.
• In October 2020, a customer filed a complaint which alleged that Mr. Black misappropriated funds between August 2019 and April 2020. This complaint is pending, and no further details are publicly available.

Investors should be aware that filing a securities arbitration complaint is not the same as filing a complaint directly with a brokerage firm or even through FINRA’s Investor Complaint Center. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.

Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.

If you or a loved one were a customer of Christopher Black and either sustained financial losses or suspect inappropriate activity, contact Iorio Altamirano LLP for a free and confidential evaluation.

LPL Financial LLC – Supervisory Duties

Brokerage firms like LPL Financial LLC must properly supervise financial advisors and customer accounts. Proper supervision of senior investors’ accounts is especially critical. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as elder abuse and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Free Obtain a Free Consultation

If you have lost money with financial advisor Christopher Black or LPL Financial LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.