Shepherd, Smith, Edwards & Kantas (“SSEK”), a law firm specializing in representing wronged investors, is looking at allegations by FINRA into former Linsco Private Ledger (LPL) financial advisor, Jeffery Vasiloff (“Vasiloff”). Vasiloff worked at LPL in 2018 and was not employed very long. Vasiloff was fired, according to FINRA, due to allegations of utilizing discretion without obtaining the proper written authority. As a result, he was also suspended from acting as a financial advisor by FINRA. He previously worked at Invest Financial Corporation and appears to be based out of Vermilion, Ohio. After serving his suspension, Vasiloff became employed by JW Cole Financial.
Vasiloff never admitted nor denied FINRA’s finding. However, he consented to the sanctions imposed and accepted the findings that he acted improperly by refusing to obtain prior consent, in writing, from the client before acting on that client’s behalf. LPL simply reported to FINRA that Vasiloff was discharged for “use of discretion without prior written authorization.”