LPL Financial Named in Customer Securities Arbitration
Brian Harris Brunhaver, of Snohomish, Washington, a stockbroker previously registered with LPL Financial LLC, and Pacific West Securities, Inc., has been subject to a customer initiated investment related arbitration claim from February 24, 2014, in which customers requested $637,100.00 in damages based upon allegations that Brunhaver effected unsuitable investments in real estate investments trusts within the customers’ accounts.
FINRA Public Disclosure reveals that Brunhaver has been subject to eight additional customer arbitrations. Particularly, on July 13, 2009, a customer initiated investment related arbitration claim involving Brunhaver’s actions was settled for $287,211.07 in damages based upon allegations that Brunhaver breached his fiduciary duty to the customer, negligently handled the customer’s account, breached his contractual duties, and effected unsuitable investments in the customer’s account.
Subsequently, on August 23, 2010, a customer initiated investment related arbitration action pertaining to Brunhaver’s conduct was resolved for $57,329.10 in damages based upon allegations that Brunhaver breached his contractual and fiduciary duties to the customer, and effected unsuitable investments in the customer’s account. On July 27, 2012, another customer initiated investment related arbitration claim involving Brunhaver’s actions was settled for $62,000.00 in damages based upon allegations that Brunhaver effected unsuitable investment transactions pertaining to variable annuities and real estate investment trusts.
Additionally, on July 28, 2013, a customer initiated investment related arbitration action concerning Brunhaver’s conduct was resolved for $747,900.00 in damages based upon allegations that Brunhaver’s recommendations concerning mutual funds and real estate investment trusts were not suitable for the customers. Between May 16, 2013 and August 14, 2013, three additional customer initiated investment related arbitration actions involving Brunhaver’s conduct were settled for a total of $358,500.00 in damages based upon the customers’ allegations that Brunhaver’s investment recommendations were not suitable.
Moreover, on December 11, 2013, Brunhaver was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Office of Hearing Officers’ Default Decision containing findings that Brunhaver committed securities fraud in violation of Securities Exchange Act of 1934 Section 10(b), Rule 10b-5, and NASD Rules 2110 and 2120 in connection with the sale of the Inland REIT. Department of Enforcement v. Brian H. Brunhaver, No. 2011026852001 (May 14, 2014).
After Brunhaver’s registration was terminated with LPL Financial LLC in June of 2011, but prior to his permanent bar, he was registered with Pacific West Securities, Inc. from August of 2011 to December of 2011.
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