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FINRA has barred former LPL Financial LLC broker John Scott from the securities industry. According to FINRA, the matter originated from an investigation of Mr. Scott’s potential participation in certain private placement offerings.

If you have lost money with John Scott, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors in disputes with their financial advisors and brokerage firms, such as LPL Financial LLC.

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The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Elias Hakimian from the securities industry for three months.  Mr. Hakimian consented to the suspension after FINRA alleged that he borrowed $120,000 from a customer without notice to or obtaining written pre-approval from his employing brokerage firm, LPL Financial LLC, in violation of FINRA Rules 3240 and 2010.  FINRA also fined Mr. Hakimian $5,000.

LPL Financial LLC allowed Mr. Hakimian to “voluntarily resign” after a customer alleged that he engaged in churning in the customer’s accounts and invested the customer’s funds in speculative ventures contrary to the customer’s objectives and risk tolerance, in addition to taking loans from the customer.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.

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HighTower Securities, LLC was formed in June 2001 and is headquartered in Illinois, Chicago. The firm is under common control with HighTower Advisors, LLC, a registered investment advisor (RIA). According to legal filings, HighTower Advisors, LLC facilitated the sale of some of the partnership interests of the GPB funds.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer HighTower Securities, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with HighTower Securities, LLC, you may have a claim.

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Private Client Services, LLC is an independently owned, full-service broker-dealer. The firm was formed in February 2001 and is headquartered in Louisville, Kentucky.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Private Client Services, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Private Client Services, LLC, you may have a claim.

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Innovation Partners, LLC is a financial services and consulting firm headquartered in Charlotte, North Carolina.  The firm was formed in November 2007.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Innovation Partners, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Innovation Partners, LLC, you may have a claim.

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Kingsbury Capital, Inc. was formed in December 2000 and was headquartered in Evanston, Illinois. The firm terminated or withdrew its registration with FINRA in December 2019.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Kingsbury Capital, Inc. likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Kingsbury Capital, Inc., you may have a claim.

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Detalus Securities, LLC was formed in November 1999 and was headquartered in St. Louis, Missouri. The firm terminated or withdrew its registration with FINRA in October 2020.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Detalus Securities, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Detalus Securities, LLC, you may have a claim.

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Cascade Financial Management, Inc. was formed in May 2001 and was headquartered in Denver, Colorado. The firm terminated or withdrew its registration with FINRA in December 2020.

Former Cascade Financial Management, Inc. broker Daniel Alex Cantarovici was the subject of one regulatory disclosure involving GPB Capital funds. He was registered with the firm between April 2002 and October 2017.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Cascade Financial Management, Inc. likely received sales compensation for selling the GPB funds to retail investors.

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Capital Financial Services, Inc. was formed in August 1980 and was headquartered in Minot, North Dakota. FINRA canceled the firm’s license in October 2020 for failure to pay outstanding fees.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Capital Financial Services, Inc. likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Capital Financial Services, Inc., you may have a claim.

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DH Hill Securities, LLLP is a broker-dealer headquartered in Kingwood, Texas.  The firm was formed in June 1996.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, DH Hill Securities, LLLP likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with DH Hill Securities, LLLP, you may have a claim.

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