LPL Financial Stockbroker Suspended For Unauthorized Trading
James Anthony Nelson, of Evans City, Pennsylvania, a stockbroker formerly registered with LPL Financial LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he effected unauthorized transactions in customers’ accounts. Letter of Acceptance, Waiver and Consent, No. 2016050825301 (May 24, 2017).
According to the AWC, in 2016, twenty transactions were effected by Nelson in the individual retirement accounts owned by twenty of the firm’s customers. Apparently, the customers never authorized Nelson’s activities on three days in which transactions were placed by him in their accounts. Consequently, FINRA found that Nelson’s conduct was violative of FINRA Rule 2010.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Nelson has been identified in six customer initiated investment related disputes containing allegations of his misconduct while employed with Linsco, Private Ledger Corp., WS Griffith Securities Inc., and LPL Financial, LLC. Specifically, on May 19, 2005, a customer filed an investment related written complaint involving Nelson’s conduct, in which the customer requested $10,000.00 in damages based upon allegations that he failed to execute the customer’s stop loss instructions relating to the customer’s equity holdings.
Subsequently, on January 25, 2010, a customer initiated investment related complaint involving Nelson’s activities was resolved for $71,493.45 in damages based upon allegations that he did not abide by the customer’s instructions concerning the allocation of sub-accounts within the customer’s variable annuity. On August 26, 2015, another a customer filed an investment related written complaint concerning Nelson’s conduct, where the customer requested more than $5,000.00 in damages based upon allegations that Nelson effected the purchase of investments from the customer’s bank account based on a forged transfer request.
Moreover, on January 5, 2016, a customer filed an investment related written complaint involving Nelson’s conduct, founded on allegations that Nelson poorly handled the customer’s investment account, made inappropriate investment recommendations, and effected unauthorized trades in the customer’s account. Further, on June 6, 2016, a customer filed an investment related written complaint regarding Nelson’s activities, in which the customer requested more than $5,000.00 in damages based upon allegations that a variable universal life insurance policy purchased for the customer was not suitable and had been misrepresented.
Nelson’s registration with LPL Financial LLC was terminated on March 28, 2017. Since March 9, 2017, Nelson has been associated with International Assets Advisory, LLC.
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