LPL Financial Reaches Settlement with State of Indiana for Failing to Supervise

The State of Indiana recently imposed a $450,000 civil penaltyagainst LPL Financial for failing to supervise the company’s financial advisors on a state-wide basis.  The fine was based on two material deficiencies in LPL’s supervisory system. First, due to an alleged software glitch, LPL supervisors were not monitoring or supervising an undisclosed number of emails. There…

Leslie Koonce Allegedly Violated Securities Laws

According to a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Leslie Koonce, a former broker with LPL Financial, violated securities laws. Allegedly, between January 2012 and March 2015, Koonce participated in several private securities transactions without providing prior written notice to his firm, LPL. He also completed firm…

FINRA Suspends Kenneth Savino For Selling Away

The Financial Industry Regulatory Authority (FINRA) records indicate that Kenneth Savino, a former LPL broker, was suspended from the industry for 15 days and fined $5,000. He allegedly purchased shares of a security for $100,000 without providing prior notice to his member firm and inaccurately indicated on an annual compliance questionnaire that he had not…

Sonya Camarco of LPL Financial

Stoltmann Law Offices is investigating Sonya Camarco, a former LPL broker. Recently, the Securities and Exchange Commission (SEC) obtained an emergency court order to freeze her assets in order to prevent her from further dissipating funds she stole from her clients. Allegedly, during a 13-year period, Camarco stole money from her clients’ accounts. She allegedly…

Thomas Andrews Under Investigation By SEC: How Investors Can Recover Losses On A Contingency Fee Basis

According to a recent press release, Thomas E. Andrews is being charged by the Securities and Exchange Commission (SEC) for allegedly defrauding 23 investors. From 2010 until 2015, Andrews allegedly convinced his investors to liquidate their investments and put their money in “the Jackson Trust” and “the Lincoln,” promising high returns on both. The SEC…