LPL Financial Sued In Arbitration For Unsuitability
Michael Alexander Hanson, of La Mirada, California, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on May 5, 2017, in which the customer requested $520,000.00 in damages based upon allegations that he effected unsuitable transactions in the customer’s account concerning inverse levered exchange traded funds.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Hanson has been named in two other customer initiated investment related disputes regarding allegations of Hanson’s wrongdoing while he was employed with Wells Fargo Securities Inc. Particularly, on March 20, 2002, a customer filed an investment related written complaint involving Hanson’s conduct, in which the customer requested $1,000,000.00 in damages based upon allegations that he induced the customer’s variable annuity purchases by misrepresenting the products. On October 9, 2002, another a customer filed an investment related written complaint regarding Hanson’s activities, wherein the customer requested $117,370.23 in damages based upon allegations that Hanson effected fixed annuity transactions that were not appropriate for the customer.
Hanson’s registration with LPL Financial LLC was terminated on March 7, 2017. Since April 18, 2017, he has been associated with Allstate Financial Services, LLC.
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