LPL Financial Advisor Robert Earls Jr. Allegedly Misappropriated Clients Funds
The White Law Group is investigating potential securities lawsuits involving former LPL Financial Advisor Robert Earls Jr.
Robert Joseph Earls Jr., a former financial advisor based in Roanoke, Virginia, reportedly died on February 7, 2024, at the age of 65. According to reports, he died by suicide at a hospital in Salem, Virginia. A suicide note was reportedly found in which he admitted to misappropriating client funds.
He was reportedly facing multiple allegations of financial misconduct during his tenure at LPL Financial, where he was registered from 2001 to early 2024. These allegations have prompted both civil complaints and a federal investigation.
Key Allegations and Complaints
Misappropriation of Funds: Several clients allege that Earls misappropriated their funds over extended periods. One customer complaint claims that from 2015 through 2024, Earls misused client funds, leading to a settlement of $1.3 million. Another investor alleges that between June 2010 and February 2023, she provided funds to Earls for investment in outside accounts, which did not exist at LPL Financial, seeking damages of $1.1 million.
Failure to Return Withdrawn Funds: A March 2024 complaint alleges that Earls failed to return $20,000 in withdrawn funds to a client.
Unsuitable Investment Recommendations: Earls is accused of recommending unsuitable investments, including real estate securities that did not align with clients’ risk profiles.
Failure to Follow Client Instructions: In one case, Earls allegedly failed to execute a client’s instruction to sell stock shares, resulting in a settlement of $21,139.08.
Federal Investigation: In February 2024, the U.S. Department of Justice for the Western District of Virginia initiated a grand jury investigation into Earls’ conduct, focusing on allegations of misappropriation in clients’ accounts.
Robert Earls Jr.: Professional Background
Earls began his career in the securities industry in 1985 and has been affiliated with several firms, including Royal Alliance Associates and UVest Investment Services according to his FINRA BrokerCheck report. He was most recently registered with LPL Financial until February 2024.
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 concerns about your investments or suspect misconduct, consider consulting with a securities attorney to explore your options for recovery.
If you have suffered investment losses with Robert Earls Jr. and LPL FINANCIAL 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 Virginia.
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 7, 2025
