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WARNING! Impending Investigation–JAMES J. MCATEE and LPL FINANCIAL

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10
Mar

WARNING! Impending Investigation–JAMES J. MCATEE and LPL FINANCIAL

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James J. McAtee and LPL Financial

Have you lost money with financial advisor James J. McAtee from Mount Zion, Illinois?  We are investigating allegations made by the Illinois Securities Department against James McAtee.  The Illinois Securities Department performed an audit on McAtee’s branch office in Mt. Zion, and it alleged that McAtee solicited and completed a large number of variable annuity exchanges with significant surrender charges.  The Illinois Securities Department alleged that James McAtee was one of the top producers of annuity exchanges with LPL Financial, his securities brokerage firm.  When performing the exchanges, it was alleged that the documentation used by McAtee and LPL to complete the exchanges was incomplete and/or had inaccurate information to disclose the nature and costs associated with the exchanges.

These exchanges are harmful to investors and add unnecessary expense.  McAtee agreed to a 45 day suspension, a 9 month prohibition from being involved in any variable annuity transactions, and a $10,000 fine.

James J. McAtee was a financial advisor and registered representative of LPL Financial from September 2009 to October 2014.  He worked at an LPL branch office in Mount Zion, Illinois.  He now is affiliated with Summit Brokerage Services.

Brokerage firms like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented over one thousand investors who have been defrauded by their financial advisor or stockbroker throughout the country.  While we have offices in Denver and the Seattle area, we have also previously represented clients throughout Central Illinois, and both of our attorneys are licensed to practice law in Illinois.  We also currently and have previously represented investors who lost money with LPL Financial.  If you have lost money with James J. McAtee and LPL Financial and want to hear about ALL legal options, please visit https://www.israelsneuman.com or call us at 720-599-3505.

Click to view Illinois AWC:  McAtee IL AWC

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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