Stoltmann Law Offices is investigating Larry M. Phillips of The Phillips Group, in Woodland Hills, California. Phillips entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) over his alleged misconduct relating to overcharging customers. While Phillips was registered with Purshe Kaplan Sterling Investments (PKS) he overcharged several customers by charging markups and investment advisory fees. He purchased securities, Notes and Municipal Securities for several clients. He then allocated the marked-up products to those same client’s investment advisory accounts. He charged advisory fees on the same securities for which he had charged a markup. FINRA fined him $7,500 and suspended him from the securities industry for 45 days, and ordered him to pay over $3,000 in restitution to the customers he took advantage of. If you invested money with Larry M. Phillips, please call our law offices in Chicago at 312-332-4200 to speak to one of our attorneys. We may be able to help you recover your financial losses in the FINRA arbitration forum.
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