LPL Financial

$3.9 Million Customer Claim Involving Former LPL Financial and Ameriprise Financial Broker Filed with FINRA – Boca Raton, FL

Published on: January 7, 2021 | by Iorio Altamirano

A recently filed FINRA customer complaint alleges that a former LPL Financial and Ameriprise Financial Services broker recommended unsuitable investments in a number of business development companies (BDCs) and real estate investment trusts (REITs), as well as other high-commission illiquid investment recommendations. The allegations focus on the broker’s time with LPL Financial from 2006 to 2015 and with Ameriprise Financial Services from 2015 to 2016. Claimants’ statement of claim, which was filed on or around September 9, 2020, seeks damages of $3.9 million.

Iorio Altamirano LLP is interested in speaking with any customers who may have suffered losses in their business development companies (BDCs) and real estate investment trusts (REITs) investments. If you have lost money with LPL Financial or Ameriprise Financial Services, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Business Development Companies (BDCs)

Lonna R. Dehn Ristvedt Suspended for Soliciting Customers to Buy Future Income Payments, LLC – Fargo, North Dakota

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker Lonna Rae Dehn Ristvedt (CRD #2277778) for four months from the securities industry and ordered her to pay a $5,000 fine. These sanctions arose from Ms. Dehn Ristvedt’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that in June 2015, Lonna Rae Dehn Ristvedt participated in private securities transactions totaling $163,320 without prior disclosure and approval from her employer at the time, National Planning Corporation. Specifically, FINRA alleged:

In June 2015, Ms. Dehn Ristvedt solicited two investors to purchase $163,320 in securities of Future Income Payments, LLC.

James Couture, Former LPL Financial Broker, BARRED by FINRA – Worcester, MA

Published on: October 28, 2020 | by Iorio Altamirano

**Update: June 2, 2021** The Securities and Exchange Commission (“SEC”) has charged James Couture with defrauding investors. The former LPL Financial broker-dealer and investment advisor allegedly defrauded his clients for about $2.9 million. According to the SEC’s complaint, from approximately 2009 to December 2019, Mr. Couture, while operating an investment advisory and brokerage business, fraudulently prompted his advisory clients to sell portions of their securities holdings in order to fund large money transfers to an entity (Legacy Financial Group LLC) that, unbeknownst to his clients, Couture owned and controlled. The SEC alleges that Mr. Couture inappropriately obtained his client’s authorization for the transactions by falsely claiming that the proceeds would be reinvested for the clients’ financial benefit. In reality, Mr. Couture’s alleged purpose in arranging these transactions was to divert the sale proceeds for his own benefit. A portion of the money was used to buy a book of advisory clients from another investment advisor representative.

Mr. Couture, 42, of Sutton, Massachusetts, is also facing criminal charges in a parallel action announced by the U.S. Attorney’s Office for the District of Massachusetts.

Mr. Couture owned the Private Wealth Management Group, which provided investment advisory services and sold insurance. According to the SEC, the business was not registered with the SEC or any state regulator.