What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: August 21, 2015

David Matthew Lisnek entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) on January 29th, 2014. FINRA permanently barred Lisnek from associating with any FINRA member firm. Lisnek was registered with LPL Financial. He was accused of converting client funds, among other allegations while registered with LPL.

In late 2013, Lisnek was arrested for his connection with defrauding an elderly client by convincing the 84 year-old client to write personal checks to him. The checks totaled $65,000. He told the client this was in order to “avoid problems with the federal authorities.” In 2013, the Illinois Secretary of State Securities Department filed a Temporary Order of Suspension and Order of Prohibition because of the alleged misconduct and illegal activity. He was charged with one felony count of financial exploitation of the elderly and was fired from LPL on November 13, 2013. Lisnek wrote several columns on investing for several Springfield, Illinois local newspapers, and published several books, one of which was on how to avoid being defrauded by investment advisors.

Lisnek was registered with Waddell & Reed in Overland Park, Kansas from August 1995 until February 1996, Banc One Securities in Chicago, Illinois from July 1996 until March 1997, Morgan Stanley in Purchase, New York from May 1997 until March 2004, Oak Grove Investment Services in Rochester, Illinois from April 2004 until July 2004, Valic Financial Advisors in Houston, Texas from July 2004 until September 2004 and LPL Fianancial in Springfield, Illinois from September 2004 until November 2013. He has three customer disputes against him. He is not currently licensed and has been permanently barred from the industry.

If you lost money with Lisnek, please call our securities law offices in Chicago to speak with an attorney about how you may be able to recover your investment losses. The call is free with no obligation. Firms such as LPL have a duty to supervise their brokers, and, if they do not, can be held liable for money losses. We takes cases on a contingency fee basis only. 312-332-4200.


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