Broker Barred for Falsifying Client Information

Have you suffered investment losses as a result of your dealings with Gary J. Chackman? If so, The White Law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim against the brokerage firm that employed Chackman.

According to FINRA’s monthly report, registered representative Gary J. Chackman has been permanently barred from working in the securities industry. The former LPL Financial broker was accused of falsifying customer purchase forms involving real estate investment trusts (REITs) and alternative investments.

Chackman allegedly misrepresented clients’ liquid net worth on purchase forms to evade concentration limitations set by the brokerage firm. As a result Chackman reportedly increased his sales in high commission products and allegedly made unsuitable investment recommendations.

LPL Financial was recently fined by the Illinois Security Department for failure to adequately supervise some employees regarding documentation of certain investments. In addition, brokers are required to make suitable investment recommendations that are consistent with the clients age, net worth, risk tolerance and investment objectives. When a registered representative violates securities law or FINRA regulations, the brokerage firm that employs them may be liable for negligent supervision and responsible for investment losses.

According to FINRA’s BrokerCheck, Gary J. Chackman worked in New York with AXA Advisors from 05/1990 – 12/2001. He worked in Maryland with LPL Financial from 12/2001 – 03/2012 and with Summit Brokerage Services from 03/2012 – 04/2013.

If you purchased REITs or alternative investments from Gary J. Chackman, The White Law Group may be able to help you recover your losses. To speak with a securities attorney to discuss your litigation options, please call the The White Law Group at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.To learn more about the firm, visit www.WhiteSecuritesLaw.com.