Alton Raney Allegedly made Unsuitable Short-term Mutual Fund Trades
The White Law Group is investigating potential securities claims involving former LPL Financial advisor Alton Raney II (CRD#: 1497403) of Little Rock, Arkansas.
On May 14th, 2024, the Arkansas Securities Commission reportedly barred Alton Raney II from working a securities advisor for five years after Raney’s alleged recommendations involving short-term mutual fund transactions to a senior investor. Raney reportedly recommended his customer to purchase Class A shares in twenty mutual funds and not recommending the utilization of breakpoints, and the sale of shares in eighteen mutual funds, fifteen of which had been held for less than one year. The trading was allegedly excessive and unsuitable leading to investment losses for the customer.
Raney’s member firm, St Bernard Financial Services, Inc. reportedly discharged him after the allegations.
On April 29th, 2025, FINRA barred Raney when he reportedly refused to appear for on-the-record testimony requested by FINRA in connection with its investigation of the circumstances surrounding his termination from his member firm. The findings stated that the firm terminated Raney’s registration by Form U5 for concerns regarding the appropriateness of recommendations involving short-term mutual fund transactions.
FINRA BrokerCheck: Alton Raney II
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
According to FINRA, Alton Raney was reportedly registered with the following FINRA firms during his career, among others:
09/14/2023 – 05/16/2024 ST. BERNARD FINANCIAL SERVICES, INC. (CRD#:36956) RUSSELLVILLE, AR
12/07/2018 – 04/27/2023 LPL FINANCIAL LLC (CRD#:6413)LITTLE ROCK, AR
08/09/2010 – 12/10/2018 KESTRA INVESTMENT SERVICES, LLC (CRD#:42046) Little Rock, AR
Failure to Supervise
All broker-dealers have a responsibility to adequately supervise their advisors. They must ensure they have procedures and systems in place to detect broker misconduct. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Class Action Lawsuit vs. Individual FINRA Arbitration Lawsuit
You may wonder whether a large class action lawsuit is a better litigation option than an individual FINRA arbitration case. The answer depends on many factors, but typically if the loss sustained is large (say larger than $100,000), an individual arbitration claim is likely a better option. Class action lawsuits as a recovery option are more appropriate for grouping large numbers of individuals who have small claims – too small to generally pursue individually.
FINRA Lawsuits
If you have suffered investment losses with Alton Raney II, the securities attorneys at the White Law Group may be able to help you by filing a FINRA lawsuit. Please call our offices at (888) 637-5510 for a free consultation. We take cases in all 50 states including Arkansas.
National Securities Attorneys
The White Law Group, LLC is a national law firm in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, Illinois and Seattle, Washington, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.
Last modified: May 5, 2025
