LPL Financial Stockbroker Misconduct Lawyer - Law Offices of Robert Wayne Pearce

Jun 19, 2020

LPL Financial Stockbroker Brian Lawrence Stephan Suspended for Misconduct

Brian Lawrence Stephan submitted an Offer of Settlement to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly recommending unsuitable investments and provided false information on his firm’s mutual fund exchange forms in violation of FINRA Rules 4511, 2111 and 2010, and NASD Ruled 2310. From November 2003 through August 27, 2014, Brian Lawrence Stephan was registered with LPL Financial LLC as a General Securities Representative. According to the FINRA findings, from May 2012 through May 2014, Stephan recommended and caused the execution of unsuitable investments in 20 different mutual fund families for an elderly customer. The findings stated the recommendations were unsuitable because the customer could have received a discount in sales charges by approximately $30,000 if she were to invest in larger amounts across fewer fund families. Based on the FINRA findings, Stephan lacked any reasonable basis, caused the customer to incur excessive sales and received $60,000 in commissions for the transactions. In addition to the findings, Stephan allegedly mismarked the transactions as unsolicited and provided false information on his firm’s mutual fund exchange forms.

LPL Financial Stockbroker Barred for Misconduct

Bradley Everett Gardner of Fort Bragg, California submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was barred by the Financial Industry Regulatory Authority (FINRA) for allegedly converting customer funds in violation of FINRA Rules 2150(a) and 2010. In February 2012, Bradley Garner joined LPL Financial LLC as a General Securities Representative. According to FINRA, in a Form U5, the firm reported Mr. Gardner’s voluntary resignation following allegations that he accepted a client check made payable to himself. The findings stated that Mr. Garner allegedly told his customer she could pre-pay her fees at a discounted rate if she wrote a check payable to him in the amount of $7,400. FINRA also stated that when the customer accepted, he took the check and deposited it into his personal bank account for his own use. When the firm discovered what had happened, Mr. Garner reimbursed the customer the $7,400 and was then terminated.