Former LPL Advisor Suspended Over Inequitable Sales Practices

A former LPL advisor who was suspended indefinitely by FINRA in October also has been suspended by the Texas State Securities Board (TSSB). The Texas regulator announced that it has suspended Jason N. Anderson, a Beaumont-area investment advisor, for 90 days for charging unreasonable fees to clients.

LPL Advisor Suspended for Unreasonable Fees

According to the TSSB, Anderson recommended an active equity-trading strategy to clients who stated a preference for achieving investment growth with a moderate amount of risk. The strategy included high trading costs. For the strategy to generate a positive return for clients, it would have to generate extraordinary returns to offset the significant trading costs and commissions.

The Texas watchdog deemed the trading costs and commissions an inequitable securities sales practice. It found that for one client, the trading costs were almost 30% of the value of the average equity in the client’s account.

LPL Advisor Jason N. Anderson Suspended by FINRA

In October 2017, Jason N. Anderson was suspended indefinitely for failing to comply with an arbitration award or settlement agreement, or to respond to a FINRA request for information concerning the status of his compliance.

According to FINRA’s BrokerCheck report for Anderson, Anderson was registered with LPL from April 2007 to February 2016. He was let go from the company in January 2016 for alleged misconduct, including discretionary trading in a brokerage account.

Are You a Victim of Stockbroker Misconduct?

If you lost money at LPL with broker Jason N. Anderson or think you are the victim of stockbroker misconduct, contact a qualified securities fraud attorney today.

Call a Securities Fraud Attorney Today

If you are looking for an attorney to review your rights and options, the securities fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.

With offices in Los AngelesNew YorkWest Palm Beach, Miami, and Detroit, our securities fraud attorneys represent clients nationwide and can help you recover your investment losses.

Contact securities fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.

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