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Former LPL Financial Broker is Barred from the Securities Industry

On May 17, 2019, the Financial Industry Regulatory Authority (“FINRA”) issued a permanent bar against former Pennsylvania LPL Financial representative Philip John Nalesnik.

According to FINRA’s BrokerCheck records, Nalesnik was in the securities industry for roughly 17 years, from 2002 until he was kicked out in 2019.  Nalesnik previously worked at IDS Life Insurance Company, American Express Financial Advisors, CCO Investment Advisors and, for almost a decade, LPL Financial, LLC.

Prior to receiving his FINRA bar, Nalesnik had a very questionable regulatory history.  Nalesnik’s CRD shows that he has had at least five customer complaints, one criminal complaint, at least two tax liens and a personal bankruptcy, much of which happened while Nalesnik was a registered representative of LPL Financial.

LPL Financial actually terminated Nalesnik in July 2018, prior to FINRA opening its investigation, however, that termination may have come too late for Nalesnik’s customers who suffered losses before his firing.  All of these disclosed problems were clear signs to any organization that hired Nalesnik that he could be a significant regulatory risk.

That risk was finally realized in May 2019, but it is likely many clients of Nalesnik suffered as a result of that risk for many years before then.  When Nalesnik refused to give any testimony to FINRA (effectively invoking his 5th Amendment right), FINRA began proceedings to disbar Nalesnik under FINRA rules for his failure to cooperate in an investigation.

LPL Financial and Broker Fraud Attorneys

If you were a customer of Philip John Nalesnik or LPL Financial and suffered losses or had any other issues, please reach out to our broker fraud attorneys right away as time may be of the essence.

Shepherd, Smith, Edwards & Kantas has a team of attorneys and consultants with more than 100 years of combined experience in the securities industry and securities law.  We use that experience to help investors recover wrongful losses through FINRA arbitration or other legal processes.

All communications will be kept strictly confidential and your consultation will be done with no charge or obligation to you.  Call or email us today.

 

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