Richard “Rick” Leininger – FINRA Suspension and Illinois Securities Sanctions
The White Law Group is investigating potential customer complaints involving Richard “Rick” Leininger (CRD# 809473), currently registered with LPL Financial LLC in Freeport, Illinois.
Leininger has more than 50 years of experience in the securities industry and has been affiliated with several firms during his career, including:
-
LPL Financial LLC (CRD# 6413) – 2025 to Present
-
The Investment Center, Inc. (CRD# 17839) – 1991 to 2025
-
Edward D. Jones & Co., L.P. (CRD# 250) – 1975 to 1991
According to public records, Richard Leininger has multiple disclosures, including regulatory actions by FINRA and the State of Illinois, as well as a prior customer dispute.
If you suffered investment losses while working with Rick Leininger or LPL Financial, you may have legal options through FINRA arbitration.
FINRA Sanction: Suspension and $5,000 Fine
On October 19, 2023, FINRA announced that Richard Leininger consented to sanctions through a Letter of Acceptance, Waiver, and Consent (AWC).
FINRA’s Findings
Without admitting or denying the findings, Leininger agreed to the entry of findings that he:
-
Mismarked 291 order tickets as “unsolicited” between September 2020 and August 2021
-
The trades were, in fact, solicited by him
-
Caused his member firm to make and preserve inaccurate books and records
FINRA determined that this conduct violated:
-
FINRA Rule 4511 (Books and Records)
-
FINRA Rule 2010 (Standards of Commercial Honor)
-
Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-3
FINRA Sanctions Imposed
-
$5,000 fine
-
Two-month suspension in all capacities
-
Suspension period: November 20, 2023 – January 19, 2024
-
Accurate books and records are a fundamental regulatory requirement. Mismarking trades as “unsolicited” when they were actually recommended can raise serious compliance concerns and may impact supervisory oversight.
Illinois Securities Division Sanction
In addition to the FINRA action, the State of Illinois entered a regulatory action against Richard Leininger on May 8, 2024.
Illinois authorities found that:
-
Between September 2020 and August 2021, Leininger mismarked 291 order tickets as unsolicited.
-
This conduct caused inaccurate books and records in violation of securities laws.
-
He violated Section 8.E(1)(j) of the Illinois Securities Act.
Illinois Sanctions
-
$1,500 monetary penalty
-
Entry of a Consent Order
State-level sanctions often follow FINRA disciplinary findings when regulators determine violations of state securities laws occurred.
What Does “Mismarking Trades” Mean for Investors?
When a broker marks a trade as “unsolicited,” it indicates that the customer—not the broker—initiated the transaction.
If a trade is actually recommended (solicited) by the broker but marked as unsolicited, this can:
-
Misrepresent who initiated the trade
-
Affect supervisory review
-
Create inaccurate firm records
-
Potentially impact liability and suitability analysis
For retail investors, the distinction can be important in determining whether recommendations were appropriate and properly supervised.
LPL Financial LLC and Broker Supervision
Richard Leininger is currently registered with LPL Financial LLC, a large independent broker-dealer regulated by FINRA.
Broker-dealers have a duty to:
-
Maintain accurate books and records
-
Supervise their registered representatives
-
Ensure compliance with FINRA and state securities regulations
When regulatory violations occur, investors may have the right to pursue claims through FINRA arbitration to recover investment losses.
Can Investors File a Claim Against Richard Leininger or LPL Financial?
If you experienced losses and believe:
-
Trades were recommended but documented incorrectly
-
Investments were unsuitable
-
You were not fully informed about risks
-
Your account activity does not match your understanding
You may be able to pursue recovery through a FINRA arbitration claim.
FINRA arbitration is the primary forum for resolving disputes between investors and brokerage firms. Most brokerage account agreements require disputes to be handled through arbitration rather than in court.
Frequently Asked Questions (FAQs)
1. What was Richard Leininger suspended for?
Richard “Rick” Leininger was suspended by FINRA for two months and fined $5,000 after regulators found he mismarked 291 trades as unsolicited when he had actually solicited them, causing inaccurate books and records.
2. What action did Illinois regulators take against Rick Leininger?
The Illinois Securities Division entered a Consent Order and imposed a $1,500 penalty after finding that Leininger violated the Illinois Securities Act by mismarking trades and causing inaccurate firm records.
3. Can I sue Rick Leininger or LPL Financial for investment losses?
Most investor disputes are resolved through FINRA arbitration, not traditional lawsuits. If you suffered investment losses while working with Rick Leininger or LPL Financial LLC, you may be eligible to file a FINRA arbitration claim to seek financial recovery.
Contact The White Law Group
The White Law Group represents retail investors nationwide in claims involving broker misconduct, unsuitable recommendations, and securities fraud.
If you have concerns about Rick Leininger, LPL Financial LLC, or The Investment Center, Inc., contact us for a free consultation to discuss your legal options.
Last modified: February 11, 2026