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New Hampshire Seeks $3.6M Payment From LPL For Nontraded REIT Sales

Securities regulators from New Hampshire want LPL Financial to pay $3.6 million in fines and repayments to investors for allegedly unsuitable sales of real estate investments to elderly clients. The New Hampshire Bureau of Securities Regulation, in an action filed earlier this week, claims that it wants $2.4 million from LPL in buybacks and restitution for clients in 48 sales of nontraded real estate investment trusts that go back as far as 2007. The Bureau is also seeking a $1 million fine and wants LPL to pay $200,000 in investigative costs. The claim arises from an 81 year old New Hampshirite who purchased a nontraded REIT from LPL in January of 2008 and thereafter lost a significant amount on the investment, which typically is not liquid and is accompanied by high fees. The client invested $253,000 in the REIT and had a liquid net worth of $2.5 million. New Hampshire claims that the investment, as well as a number of [...]

By |April 9th, 2015|Press Releases & News|
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FINRA’s March 2015 Disciplinary Actions Part I

Bulltick, LLC of Miami, Florida submitted an AWC in which the firm was censured and fined $20,000. Despite not admitting or denying FINRA's findings, Bulltick consented to the sanctions and to the entry of findings that it failed to adequately implement and enforce its written supervisory procedures on reporting TRACE-eligible securities, pursuant to a Uniform Service Bureau/Executing Broker Agreement executed by the firm and its affiliate that required Bulltick to report the affiliate's transactions in TRACE-eligible securities to TRACE. Subsequently, Bulltick failed to report the right contra-party identifier for transactions in TRACE-eligible securities of the affiliate to TRACE, and Bulltick also reported transactions in TRACE-eligible securities to TRACE that it did not have to report. Transamerica Financial Advisors, Inc. of St. Petersburg, Florida submitted an AWC in which the firm was censured and fined $50,000. Despite not admitting or denying FINRA's findings, Transamerica consented to the sanctions and to the entry of findings that it filed with FINRA an inaccurate [...]

By |March 19th, 2015|Press Releases & News|
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Georgia Financial Adviser Accused Of Defrauding Elderly Couple

The Frankowski Firm is continuing its investigation of Leavitt Sanders and the firms with which he has been associated as further allegations surface against them. John D. and Maxine S. Bankston of Lilburn, Georgia have accused financial adviser Leavitt Sanders of fraud and numerous securities violations. The couple, who are in their eighties, filed their claims with FINRA alleging that Sanders mismanaged and churned their securities accounts by trading excessively in high-risk investments, which included put and call options on futures contracts and day-trading massive stock positions on margin. The Bankstons’ statement of claim asserts that "Mr. Sanders used a 'one size fits all' investment strategy with all of his clients, including the Bankstons, without regard to whether it was prudent or suitable." According to the SEC, Sanders managed $30 million in about 200 investor accounts. Triad Advisors, Inc., with whom Sanders was previously associated, fired Sanders on December 26, 2014. According to FINRA records, as of February 16, 2015, [...]

By |March 6th, 2015|Press Releases & News|
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Frankowski Firm Investigating Leavitt F. Sanders And Associated Firms

The Frankowski Firm is investigating the potential claims of people who invested with Leavitt F. Sanders and the firms with which he has been associated (the “Sanders Entities”). These entities include: Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., TD Ameritrade, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors, all of whom are of retirement age, depended on the funds they entrusted to the Sanders Entities and allege that the entities failed to act in accordance with the investors’ objectives and with the applicable standard of care. The investors, having suffered catastrophic losses to their life savings, also allege that the Sanders Entities breached their duties and engaged in wrongful conduct. According to the investors, the Sanders Entities made trades and engaged in other investment activities without their authority. Furthermore, they failed to properly keep the investors informed about the trading within their accounts. Specifically, the Sanders Entities [...]

By |March 4th, 2015|Press Releases & News|
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