Investors Sue LPL Financial For Bad Leveraged ETFs
Michael Alexander Hanson of La Mirada California a stockbroker formerly employed by LPL Financial LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $400,000.00 in damages supported by accusations that the customer had been placed into leveraged exchange traded funds which failed to align with the customer’s objectives for investing, risk tolerance or investment circumstances. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00815 (Jan. 22, 2019).
FINRA Public Disclosure reveals that Hanson is referenced in three more customer initiated investment related disputes that concern allegations of his misconduct during the period in which he was employed by LPL Financial and Wells Fargo Investments LLC. Specifically, a customer filed an investment related complaint in regard to Hanson’s conduct in which the customer requested $1,000,000.00 in damages founded on accusations that false or misleading statements had been made to the customer about investments when Hanson was associated with Wells Fargo.
Also, a customer initiated investment related civil action brought in the Superior Court of California involving Hanson’s conduct was settled for $168,000.00 in damages based upon allegations that during the time that Hanson was associated with LPL Financial, unsuitable investments including inverse exchange traded funds had been effected in the customer’s account causing the customer to sustain unwarranted losses. Civil Action No. GP008489 (Aug. 3, 2018).
Hanson is also the subject of a Notice of Intent to Revoke Suspend Condition or Limit Securities Agent Registration issued by the State of Michigan Corporations Securities and Commercial Licensing Bureau supported by accusations that Hanson failed to make required regulatory disclosures. Case No. 339977 (Sept. 18, 2019).
Hanson’s registration with LPL Financial LLC has been terminated as of March 3, 2017. Since April 18, 2017, he has been employed by Allstate Financial Services.