On the heels of an announcement from the Financial Industry Regulatory Authority (FINRA) that LPL Financial LLC has been fined approximately $12 million as a result of lax supervision, FINRA barred former LPL broker Charles Fackrell as a result of him refusing to comply with FINRA’s request for information. Mr. Fackrell was employed by LPL Financial in North Carolina from 2010 through 2014, according to a review of publicly available records.
According to a Letter of Acceptance, Waiver and Consent No. 20140437052 (AWC), the results of a FINRA investigation into Mr. Fackrell’s activities while employed at LPL Financial allegedly uncovered securities rule violations for selling private securities offerings.
In the AWC, Mr. Fackrell consented to the finding that he violated FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade). Rule 2010 requires that all FINRA members shall observe high standards of commercial honor and just and equitable principles of trade.
Selling private securities offerings without the required disclosures and approval of a FINRA member broker-dealer are a very serious violation of the securities laws and rules. Any investors who invested in these potentially fraudulent investments may have claims against both the broker, and perhaps the broker-dealer LPL Financial. LPL, as Mr. Fackrell’s employer, is obligated to supervise Mr. Fackrell’s recommendations to his customers, and must perform regular audits to root out potentially fraudulent conduct.
Any investor who lost money while working with Mr. Fackrell are urged to contact the Attorneys at Malecki Law for a free consultation to determine if they have claims related to their investments. LPL reported on Mr. Fackrell’s publicly available CRD Report that Mr. Fackrell faces felony charges related to obtaining property by false pretenses.
Malecki Law has previously investigated and successfully handled securities arbitrations concerning private securities transactions and other fraudulent conduct by brokers who are employed by FINRA member broker-dealers. If you believe you have suffered losses as a result of questionable actions taken in your securities account, please contact us immediately for a confidential consultation.