LPL Financial has been fined $25,000 by the state of North Carolina and ordered to reimburse the state $270,000 for the cost of investigating a $1.4 million Ponzi scheme involving a broker who is serving more than five years in jail for defrauding clients.
Former LPL Financial broker Charles Fackrell, of Booneville, NC, ran a Ponzi scheme from May 2012 to December 2014 that misappropriated money from at least 20 clients. According to the U.S. Attorney’s office, Fackrell solicited investors and then steered them to investments he controlled so that he could access their funds. Fackrell is claimed to have taken in $1.4 million and is alleged to have used much of the money for himself.
Broker Serves Time in Prison
In April 2016, Fackrell pleaded guilty to one count of securities fraud and was sentenced to 63 months in jail. After he is released from prison, he also will serve three years under court supervision and is obligated to pay almost $820,000 in restitution to clients.
Have You Lost Money with LPL Financial?
If you believe you have lost money investing with LPL Financial, you may have certain legal rights that require your immediate attention.
Call an Investment Fraud Attorney Today
If you are looking for an investment fraud attorney to review your rights and options, the investment 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 Angeles, New York, West Palm Beach and Miami, our investment fraud attorneys represent clients nationwide and may be able to help you recover your investment losses.
Contact an investment fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.
