Securities Arbitration Lawyer Blog
FINRA has barred stockbroker Christopher B. Black from the securities industry. FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer. Mr. Black was a financial advisor at LPL Financial LLC in Statesboro, Georgia, from October 2017 until his employment was terminated in April 2020 for violating firm policy for not disclosing the loan arrangements. Mr. Black has also been affiliated with the following business entities: Renasant Financial Services and LPL Business.
Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC. First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor. A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments. Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020. No further details are publicly available regarding this pending complaint.
Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.
If you have suffered financial losses investing with Christopher B. Black or suspect that Mr. Black did not have your best interest in mind when recommending investments, including bonds, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as LPL Financial LLC and Wells Fargo.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020066650101
Christopher B. Black and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 12, 2021, after Mr. Black refused to provide information and documents in connection with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer.
On November 6, 2020, in connection with an investigation into the circumstances of Mr. Black’s termination from LPL Financial LLC, FINRA sent a request to Mr. Black to produce information and documents pursuant to FINRA Rule 8210. Mr. Black reportedly stated during a phone call with FINRA on December 7, 2020, that he would not provide the requested information or documents at any time.
By refusing to provide the information or documents, Mr. Black violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor Christopher B. Black (CRD# 5049080)
Christopher B. Black has seven years of experience in the securities industry. He was employed and registered by the following brokerage firms:
- Linsco / Private Ledger Corp. in Rome, Georgia from May 2006 until May 2007.
- State Farm VP Management Corp. in Bloomington, IL from June 2007 until July 2007.
- Wells Fargo Clearing Services, LLC in St. Simons Island, Georgia from November 2013 until September 2017.
- LPL Financial LLC in Statesboro, Georgia, from October 2017 until April 2020.
Even though Mr. Black has only seven years of experience in the securities industry, Mr. Black has been the subject of three customer complaints:
- In April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor. According to Mr. Black’s BrokerCheck report, the complaint was settled by LPL Financial LLC for $128,936.70.
- In July 2020, a customer filed a complaint alleging misrepresentation and unsuitable recommendations concerning the purchase of bond investments.
- In October 2020, a customer filed a complaint which alleged that Mr. Black misappropriated funds between August 2019 and April 2020. This complaint is pending, and no further details are publicly available.
Investors should be aware that filing a securities arbitration complaint is not the same as filing a complaint directly with a brokerage firm or even through FINRA’s Investor Complaint Center. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Christopher Black and either sustained financial losses or suspect inappropriate activity, contact Iorio Altamirano LLP for a free and confidential evaluation.
LPL Financial LLC – Supervisory Duties
Brokerage firms like LPL Financial LLC must properly supervise financial advisors and customer accounts. Proper supervision of senior investors’ accounts is especially critical. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as elder abuse and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Free Obtain a Free Consultation
If you have lost money with financial advisor Christopher Black or LPL Financial LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.