Recently, Gerard A. Fagnant, a former registered representative with LPL Financial, entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). The AWC claimed that Fagnant improperly sold promissory notes to two customers of the firm for a total amount of $325,000. He was also accused of providing false information in response to LPL compliance questions. The AWC also stated that Fagnant orchestrated the liquidation of $281,203 of securities in the customers’ accounts. The customers also allegedly loaned Fagnant $325,000 in exchange for a promissory note providing a return of three percent per month for 24 months. These are against securities rules and regulations. For this, FINRA barred him from the industry permanently.
Fagnant was registered with IDS Life Insurance Company in Minneapolis, Minnesota from October 1988 until July 2006, Ameriprise Financial in Leominster, Massachusetts from October 1988 until November 2011 and LPL Financial in Leominster from November 2011 until April 2015. He has two customer disputes against him, one of which is currently pending. He is not licensed within the industry and he has been permanently barred. Please call us today if you would like to speak to an attorney about your options of suing LPL in the FINRA arbitration process. We take cases on a contingency fee basis only. The call is free and there is no obligation. Time is of the essence with these cases so please call today. 312-332-4200.
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