10.0David P Neuman
(720) 599-3505

WARNING! Impending Investigation: JAMES M. CLINGENSMITH and LPL FINANCIAL, LLC

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02
Sep

WARNING! Impending Investigation: JAMES M. CLINGENSMITH and LPL FINANCIAL, LLC

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Israels & Neuman, PLC investigates JAMES M. CLINGENSMITH (CRD# 2185030) of LPL FINANCIAL LLC (CRD# 6431).

 

Have you lost money with financial advisor James Clingensmith (CRD# 2185030) of LPL Financial, LLC in Old Orchard Beach, Maine?  We are investigating allegations of Maine Office of Securities related to the conduct of James Clingensmith.  Mr. Clingensmith’s CRD report, a public record maintained by FINRA, the Financial Industry Regulatory Authority states that:

 

Clingensmith (1) effected an unauthorized transaction in the account of a Maine client; (2) misrepresented to Ameriprise that he had spoken with the Maine client before effecting the unauthorized transaction; and (3) misrepresented to Ameriprise that he had disclosed all expenses to two Maine clients, when in fact he had failed to disclose that a transaction would result in a 10-year surrender period.

 

The Maine Office of Securities fined Clingensmith $5,000.00 for the above said conduct and ordered that he be placed on enhanced supervision for 2 years.

 

James Clingensmith was registered with LPL Financial, LLC July of 2013 and June of 2015.  Prior to working with LPL, he was registered with Signator Investors, Inc. from May of 2012 to June of 2013 and Ameriprise Financial Services, Inc. from November of 1991 to May of 2012.

 

Brokerage firms 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.

 

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Maine. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including AXA Advisors, LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.

 

If you lost money with James Clingensmith or LPL Financial, LLC, please Contact Us at 720-599-3505 for a free evaluation of your case.

 

Click to view:  Clingensmith Decision and Order-2

Click to view:  Clingensmith Brokercheck

 

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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