Vernon Litigation and Attorney Kristian Kraszewski filed a multi-million dollar FINRA arbitration claim earlier this month. The claim was filed against LPL Financial, LLC and Wells Fargo Clearing Services, LLC and alleges that an Illinois based registered representative was not properly supervised and, as a result, engaged in wrongdoing that caused millions of dollars in damages. According to the claim, the activity of the registered representative included inappropriate options trading, overconcentrated stock positions, and inappropriate movement of money between accounts.
The advisor has been (and continues to be) dual registered with LPL Financial and New Edge Advisors since 2019 and was formerly registered with Wells Fargo. At the time he left Wells Fargo, the registered representative was under internal investigation by Wells Fargo in connection with the use of unapproved communication devices. Vernon Litigation Group is now engaged in a comprehensive investigation of the registered representative, including other past and present disputes relating to the registered representatives conduct.
According to Chris Vernon of Vernon Litigation Group, these types of cases typically involve two components. First, they often involve a financial advisor with a good personality, who cultivates the trust of key clients through a close personal relationship. Then, a failed system of compliance and supervision at the financial firm where the financial advisor is registered. These two components can combine to allow an ongoing and unchecked abuse of trust by the registered representative.
Vernon Litigation Group is a nationally recognized law firm, based in Naples, Florida, that has been successfully representing investors throughout the United States for decades and can be reached via phone 1-877-649-5394, e-mail at info@vernonlitigation.com, or by visiting Vernon Litigation Group online at https://www.vernonlitigation.com/.