LPL Discharges Stockbroker For Unauthorized Trading
Steven Eric Erickson of Vancouver Washington a stockbroker formerly employed by LPL Financial LLC has been discharged by the firm on December 31, 2018 founded on accusations that (1) Erickson failed to comply with the policies and procedures of the firm by soliciting customers’ investments in unlisted and low-priced securities and (2) Erickson placed trades ahead of customers.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Erickson is referenced in two additional customer initiated investment related disputes containing allegations of his violative conduct while employed with Morgan Stanley Co. Inc. Specifically, a customer filed an investment related complaint concerning Erickson’s activities where the customer sought damages estimated to exceed $5,000.00 based upon accusations that the customer was placed in unit investment trust products that failed to be suitable.
Another customer filed an investment related arbitration claim concerning Erickson’s conduct in which the customer requested $400,000.00 in damages supported by allegations that the customer had been provided bad investment advice regarding investments selected for the managed investment account after Erickson was informed of changes in the customer’s investment circumstances.
Erickson’s registration with LPL Financial LLC has been terminated as of February 14, 2019. Since January 4, 2019, he has been registered with International Assets Advisory LLC.