Investors Claim LPL Financial Made Unsuitable Energy Securities Recommendations
William Perry Randall (also known as W. Perry Randall) of Rockford Illinois a stockbroker formerly registered with LPL Financial LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $40,000.00 in damages based upon accusations that the customer had been advised to invest in energy sector investments which failed to be suitable and which caused the customer to experience losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01703 (June 1, 2020).
According to the claim, the customers received recommendations to invest in Corporate Capital Trust as well as FS Energy and Power. Both were inappropriate and had resulted in losses. The claim alleges that a fiduciary duty that was owed to the customer had been breached and that an investment agreement had been violated as it pertained to business development companies sold to the customer. LPL Financial allegedly neglected to supervise Randall’s activities between 2013 and 2020.
This is not the first time that Randall has been the subject of an investment related dispute where losses were allegedly caused by him. FINRA Public Disclosure additionally reveals that Randall is referenced in a customer initiated investment related arbitration claim which was settled to resolve allegations of Randall’s bad corporate debt investments and unsupervised transactions at First Union Securities.
Randall’s employment with LPL Financial has been terminated as of June 18, 2020. On June 3, 2020, he became a registered stockbroker and investment adviser representative of Cambridge Investment Research Inc.