Unauthorized trading broker lpl
The Texas regulator suspended Jason N. Anderson, a Beaumont investment advisor representative, for 90 days for charging unreasonable fees to clients, the regulator announced yesterday. While registered with LPL, Anderson recommended an active equity-trading strategy to clients who had stated a preference for achieving investment growth with a moderate amount of risk.
The strategy was based on an analysis of a stock's current price compared with its historical prices, the regulator said. The Texas State Securities Board derided Anderson for not considering the trading costs associated with the strategy or the impact that the costs would have on the rate of return it would need to earn to generate a positive return for a client.
The strategy would have had to generate extraordinary returns to offset the trading costs and commissions paid to Anderson for the "client just to break even," the regulator wrote in its order. The Texas watchdog deemed the trading costs and commissions inequitable securities sales practices. Anderson could not be reached for comment.
Anderson was suspended indefinitely by FINRA in October for failing to comply with an arbitration award or unauthorized trading broker lpl agreement or to respond to a FINRA request for information concerning the status of compliance, according to his BrokerCheck report.
The suspension stemmed from non-compliance with a settlement agreement, which is not available publicly, a FINRA spokeswoman said. In Novembertwo elderly clients filed a unauthorized trading broker lpl lawsuit against LPL and Anderson alleging unauthorized trading, churning and mismanagement of client accounts from April to Januaryaccording to court papers filed in Texas federal court. It is not clear whether the case, which LPL asked to be pursued in arbitration, has been resolved.
He was discharged from LPL in January for allegedly conducting discretionary trading in a brokerage account, according to a note on unauthorized trading broker lpl BrokerCheck report.
Even though Anderson is theoretically suspended from the industry, the Texas State Securities Board granted his registration application with Financial Management Services of America, an SEC-registered investment advisor firm. Robert Elder, a spokesman for the Texas State Securities Board, said the regulator does not discuss the unauthorized trading broker lpl for unauthorized trading broker lpl decisions. The network for financial advisors The network for financial advisors.
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