Philip Nalesnik, former LPL Financial advisor, Barred from the Securities Industry
Are you concerned about investments you made with Philip Nalesnik and LPL Financial? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim against them.
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred former LPL Financial advisor Philip Nalesnik after allegedly failing to disclose outside business activities to his former firm and refusing to participate in an investigation into his conduct.
According to his FINRA BrokerCheck report, Nalesnik was allegedly registered with LPL Financial in Pottsville, PA from July 2008 until July 2018 when he was reportedly terminated after he allegedly failed to completely respond to the firm’s investigation into his alleged outside business.
Nalesnik reportedly has five customer complaints filed against him since 2008, according to his BrokerCheck report. Two customers reportedly filed complaints against him for allegedly placing them into an unsuitable municipal bond fund in 2007 while he was employed by CCO Investment Services Corp.
Failure to supervise
The White Law Group is investigating the liability that Nalesnik’s former employer, LPL Financial, may have for his actions in regards to his alleged 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 breaks FINRA rules, 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 are concerned about your investments with Philip Nalesnik, the securities fraud attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
[maxbutton id=”1″ ]Tags: Philip Nalesnik, Philip Nalesnik investigation, Philip Nalesnik complaints, Philip Nalesnik financial advisor, Philip Nalesnik FINRA lawsuit, Philip Nalesnik lawsuit, Philip Nalesnik LPL Financial Last modified: June 6, 2019