LPL Discharges Stockbroker For Altering Customer Account Forms
James Michael Adgar of Alameda California a stockbroker formerly associated with LPL Financial LLC has been discharged by the firm on August 28, 2019 supported by allegations that Adgar neglected to abide by the policies of the securities broker dealer as it pertained to the insertion of customer signatures on incomplete documentation to effect transactions.
This is not the first time that Adgar has been accused of misconduct relating to his use of customer signatures on account documentation. In fact, he was fined $5,000.00 and suspended by National Association of Securities Dealers (NASD) based upon accusations of him using a customer’s signature without approval by the customer in violation of NASD Conduct Rule 2110.
FINRA Public Disclosure additionally reveals that on August 10, 2015, a customer filed an investment related complaint involving Adgar’s conduct in which the customer requested more than $5,000.00 in damages based upon allegations of the customer receiving bad advice from Adgar as it pertained to the surrender of the customer’s annuities to purchase mutual funds during the time that Adgar was associated with National Planning Corporation. The claim alleges that the customer was not provided with accurate information from the stockbroker regarding distributions.
Adgar has been employed by Planmember Securities Corporation since October 3, 2019.