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WARNING! Impending Investigation–ROBERT L. DREW and LPL FINANCIAL

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Jul

WARNING! Impending Investigation–ROBERT L. DREW and LPL FINANCIAL

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Robert L. Drew and LPL Financial

On June 25, 2014, FINRA (the Financial Industry Regulatory Authority) barred a former LPL Financial advisor named Robert L. Drew.  Robert Drew failed to appear for an on-the-record interview with FINRA regarding an investigation of unsuitable trading in Drew’s customer accounts.  Because he failed to appear for the interview, FINRA revoked his securities license.

Robert Drew was a registered representative and financial advisor with LPL Financial from 1997 to September 2013.  According to Robert Drew’s BrokerCheck report available on FINRA.org, LPL Financial terminated Drew’s registration with the firm after he was alleged to have violated “firm policy with respect to mutual fund trading”.  If you lost money with Robert Drew through unsuitable investments or inappropriate mutual fund trading, Robert Drew and/or LPL Financial could potentially be liable for losses stemming from the unsuitable or inappropriate trading.

Broker-dealers like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firms.  Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as the requirement to make suitable investment recommendations.  Trading mutual funds can be inappropriate if the trading is done primarily to earn fees or commissions for the financial advisor or if it is not in the best interests of the customer.  When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.  If you have lost money through Robert Drew and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.

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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