FINRA Bars Former LPL Advisor Linda Lucille Sokol Francis
The White Law Group is investigating potential securities claims involving former financial advisor Linda Lucille Sokol Francis (also known as Linda Francis, Linda L. Gundelach, and Linda L. Sokol), CRD# 811073, after FINRA permanently barred her from the securities industry.
According to FINRA’s BrokerCheck, Sokol Francis was barred on March 25, 2025, after allegedly refusing to provide documents and information requested in connection with a FINRA investigation. The inquiry stemmed from allegations made by her member firm on a Form U5 filing regarding her use of discretionary trading without written authorization.
FINRA Investigation and Permanent Bar
In an Acceptance, Waiver & Consent (AWC), Sokol Francis consented to a permanent bar from acting as a broker or otherwise associating with any FINRA-registered firm. FINRA states that she declined to cooperate with its requests for documents and information tied to its investigation.
Her former firm, LPL Financial LLC, reportedly discharged her in May 2024, alleging that she “utilized discretion in brokerage accounts without written authorization.”
Using discretion in a customer account without prior written authorization is a violation of FINRA rules and is a common basis for investor complaints and regulatory actions.
Background: 48 Years of Industry Experience
BrokerCheck reports that Sokol Francis was registered in the securities industry for nearly five decades:
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LPL Financial LLC — 2021 to 2024
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Waddell & Reed — 1975 to 2021
She is no longer registered as a broker or investment advisor and currently holds 0 state licenses and 0 FINRA registrations.
Customer Disputes and Disclosures
According to BrokerCheck, Sokol Francis has seven disclosures, including multiple customer disputes over the years. Examples include:
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2019 – Customer Dispute: Client representative alleged that a variable annuity recommendation was unsuitable due to the client’s age. Requested damages: $11,458.58.
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2005 – Customer Dispute: Alleged failure to transfer assets in line with a court order.
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2001 – Customer Dispute: Alleged unsuitable investment recommendations.
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2000 – Customer Dispute: Complaint relating to the sale of appreciated stock to purchase a variable annuity.
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1988 – Customer Dispute: Misrepresentation of limited partnerships. Customer sought $38,640; awarded $4,000.
Although many of the older matters resulted in no action, customer disputes may be relevant when assessing patterns of alleged misconduct.
Potential Claims for Investors
If your financial advisor engages in unauthorized trading, recommends unsuitable investments, or improperly uses discretion in your brokerage account, you may be entitled to recover investment losses through FINRA arbitration.
Brokerage firms are responsible for supervising their advisors. If a firm fails to adequately oversee an advisor’s conduct, it may be liable for resulting losses.
The White Law Group has represented hundreds of investors in FINRA arbitration claims nationwide and continues to investigate claims involving improper discretionary trading and unsuitable investment recommendations.
Filing a Claim Against LPL Financial or a Former Advisor
If you suffered losses while working with Linda Lucille Sokol Francis or have concerns about how your accounts were handled, our securities attorneys can help you understand your options.
For a free consultation, call The White Law Group at (888) 637-5510 or visit our website to learn more about recovering investment losses through FINRA arbitration.
Frequently Asked Questions
1. What does it mean when a broker is barred by FINRA?
A FINRA bar permanently prohibits an individual from acting as a broker or associating with any FINRA-member firm. Bars are often issued when an advisor refuses to cooperate with a FINRA investigation or is found to have violated industry rules.
2. Can investors still bring a claim even if the broker is no longer registered?
Yes. Investors may pursue claims through FINRA arbitration against the broker’s former employer if the firm failed to properly supervise the advisor. The brokerage firm—not the individual broker—typically has the financial responsibility for any damages awarded.
3. What should I do if I believe I suffered losses due to unauthorized or unsuitable trading?
If you suspect misconduct or unauthorized trading in your account, you should request a full account review. A securities attorney can help determine whether you may have a viable claim for recovery through FINRA arbitration. The White Law Group offers free case evaluations for investors nationwide.
