FINRA Claim Filed Against LPL Financial, LLC over Investment Losses

EL CERRITO, Calif. - March 7, 2017 - PRLog -- The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of a El Cerrito, CA investor alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. The claim further alleges that LPL Financial, LLC unsuitably invested the client in Atlas Resources Public #17-2007(A), LP.

The claim seeks damages between $50,000 and $100,000.

"We believe there are many more investors who have suffered losses in private placement investments who just don't realize they have recourse, or may be unaware of any wrongdoing," said D. Daxton White, managing partner of The White Law Group, a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

"Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that the financial advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim."

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.  It is alleged that LPL Financial, LLC failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors.

Finally, it is alleged that Angelo Talebi was the financial advisor of record at the time of the investment recommendations. According to FINRA Broker Check, Talebi has 28 (twenty-eight) customer complaints, including similar allegations of negligence, misrepresentation and unsuitable investments. According to FINRA Notice to Member 03-49, this puts Talebi in the worst 0.22% percent of all financial advisors in terms of the number of customer complaints lodged against him.

FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional.  It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court.

For more information on the claim filed by The White Law Group, please contact the firm at 1-888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. Please visit https://www.whitesecuritieslaw.com for more information.