(888) 637-5510

Written by 3:05 pm Current Investigations, Securities Fraud Articles

Joseph A. Likens Broker Investigation

Joseph A. Likens Broker Investigation, featured by Top Securities Fraud Attorneys, The White Law Group

Joseph A. Likens – Merrill Lynch – Investigation

Are you concerned about investments you made with financial advisor Joseph A. Likens? The White Law Group is investigating potential claims involving Likens and the liability his employer may have for failing to supervise him.

According to public disclosures on FINRA’s website, the regulator has reportedly barred Joseph A. Likens from working in the securities industry.

The bar comes after a consent order issued by Missouri’s Securities Division in December 2017 charging Likens with allegedly engaging in “dishonest and unethical practices by selling unapproved investments from July 2010 through April 2015 while working for three different firms.”

During that time period, Likens was reportedly registered with Merrill Lynch, Pierce, Fenner & Smith Inc., Cornerstone Wealth Management LLC and more recently, LPL Financial LLC. According to public disclosures, he was reportedly discharged from LPL and Cornerstone for engaging in private securities transactions.

According to the consent order, Likens purportedly offered and sold investments in an unapproved offering,Chapiter LLC, to 23 Missouri residents, during the five year period. Of these investors, 21 were reportedly more than 60 years old at the time of their initial investment.

Further, Likens reportedly failed to disclose the private securities transactions or the outside business activity to Merrill or LPL.

Likens’ FINRA BrokerCheck report indicates 15 customer complaints have been filed against him during his career in the securities industry. Allegations include selling away, misrepresentation, and unsuitable investments, among others.

 “Selling Away”

The White Law Group is investigating the liability that Likens’s former employers may have for his actions in regards to his outside business activities.

When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”

Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.

If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.

If you have invested with Joseph A. Likens and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.




Tags: , , , , , , , , , , , , , , , , , , Last modified: September 19, 2019