According to WICS News Channel 20, former financial advisor and broker David Lisnek was arrested and charged with financial exploitation of the elderly. Lisnek allegedly defrauded an 84-year-old women and encouraged her to write him personal checks intended for investment transactions.

The Financial industry Regulatory Authority (FINRA) suspened Lisnek in November alleging fraud associated with cash investments in exchange for REIT stocks. As a result, he was fired from LPL Financial. According to Lisnek BrokerCheck report, he worked at LPL Financial from Sept. 2004 through Nov. 2013.

It is unclear what happened to the funds or if Lisnek has the money to repay the client. According to his BrokerCheck Report Lasnek filed for bankruptcy in 2006.

One option to recover investment losses is through FINRA dispute resolution. Brokerage firms have a supervisory responsibility to monitor the activity and conduct of their brokers. When a FINRA registered broker, such as Lisnek, violate security regulations and misappropriates client funds, the brokerage firm may be liable for negligent supervision and responsible for losses.

The White Law Group is dedicated to the representation of investors in claims against their financial adviser and brokerage firm. If you believe that you have been the victim of securities fraud and would like to discuss your litigation options, please call 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, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.