Articles Tagged with LPL Financial

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FINRA has suspended financial advisor Michael Anthony Tavel (CRD #4862463) from the securities industry for 18 months and fined him $20,000.  Michael Tavel was a stockbroker at LPL Financial LLC, in Indianapolis, Indiana, from September 2004 until April 2019. He has also been affiliated with Charter Advisory Corporation and Tavel Insurance & Financial Services, LLC.

If you have lost money with Michael Tavel, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Michael Tavel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 17, 2020, over allegations related to Mr. Tavel recommending private securities transactions to three investors.  One of the transactions involved a senior customer.   Mr. Tavel did not have a reasonable basis to believe that the recommendation that the senior invest in the private security was suitable.  Mr. Tavel also provided misleading materials to the customers and, after the customer orally complained, improperly attempted to settle the complaint away from the firm.

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**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.

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