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EX LPL BROKER BARRED BY SECURITIES AND EXCHANGE COMMISSION
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 30, 2016.
Erwin J. Shustak
Managing Partner
Location: San Diego, California
New York, New York
Phone: (619) 696-9500 (Ext. 109)
(800) 496-5900 (Ext. 109)
Email: [email protected]
Erwin J. Shustak, Esq.
619.696.9500 ex. 109
[email protected]
The SEC recently barred a broker who had been licensed with LPL for churning and excessively trading mutual funds in customer accounts and generating excessive losses.
According to the SEC, Paul Lebel, who was with LPL from 2008 to 2014, during his employment with LPL purportedly defrauded four customers by churning several of their accounts. Specifically, Lebel exercised de facto control over those accounts and excessively traded mutual fund shares which carried large, front-end load fees.
So much for brokers and their fiduciary obligations to their customers.
Shustak Reynolds & Partners, p.c. focuses in the areas of securities, financial services and complex business disputes. For more information, contact our managing partner, Erwin Shustak. More information is available at www.shufirm.com.
