San Diego-Based Brokerage Firm Under Scrutiny Over Sierra Income Sales
LPL Financial Holdings (LPLA), the largest independent brokerage firm in the United States, has finalized its acquisition of Lucia Securities, a San Diego-based broker-dealer and registered investment advisor. With over $1.5B in assets, Lucia Securities and its advisors will operate under the name Lucia Capital Group.
Even prior to the acquisition, our San Diego broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at Investorlawyers.com) were investigating Lucia Securities over its sale of Sierra Income Corporation investments to customers. LPL Financial also used to market and sell investments in this nontraded business development company (BDC) to investors but stopped.