Have you lost money with financial advisor Brian Stephan of LPL Financial in Xenia, Ohio?
We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Brian L. Stephan. FINRA suspended Stephan from the securities industry for 8 months, ordered him to pay restitution of $29,400, and fined him $10,000. Stephan was being investigated regarding allegations that he solicited an elderly investor to invest in a number of mutual funds.
Stephan recommended 20 different mutual fund families, which was unsuitable because the customer would have been able to get a discount on sales charges by aggregating her purchases in fewer fund families. Stephan was also alleged to have made mutual fund purchases that were slightly less than the level required for a sales discount, which caused the client excessive fees and earned Stephan more commissions.
Brian Stephan was a registered representative and financial advisor with LPL Financial from 2003 to August 2014. He was also registered with Commonwealth Financial Network from August 2014 to December 2017, and with American Wealth Management from December 2017 to April 2019. He worked out of a branch office in Xenia, Ohio. Stephan also operated Penguin Financial.
Broker-dealers like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our firm represents investors throughout the country who are victims of financial advisors’ negligence and fraud in FINRA arbitration. Our firm has offices in Seattle and Denver, and we continue to represent investors throughout the U.S., including in Ohio. Our attorneys have represented over one thousand investors against numerous brokerage firms, including LPL Financial.
Click to view: Stephan, Brian BrokerCheck
Click to view: FINRA Order
If you have lost money with Brian Stephan and LPL Financial, and want to hear about ALL legal options, please visit http://www.israelsneuman.com/ or call us at 720-599-3505.