Texas Broker Fraud Law Firm

Estate of Texas Retiree With Dementia Files Six-Figure Broker Fraud Lawsuit Against LPL Financial And Broker Bradley Bowman. Brokerage Firm Allegedly Unsuitably Sold FS Energy & Power Fund and KBS Real Estate Investment Trust III

The Shepherd Smith Edwards and Kantas Texas broker fraud law firm (investorlawyers.com) are representing the estate of a deceased widow in a FINRA lawsuit against LPL Financial and its Houston broker Bradley Alan Bowman. The Katy, Texas investor, who was in his eighties, suffered from dementia. Now, his estate is seeking up to $500K in damages for losses sustained in the non-traded real estate investment trust (non-traded REIT) KBS Real Estate Investment Trust III, the non-traded business development company (non-traded BDC) FS Energy & Power Fund, and an annuity. All of these were too risky for someone of his age with this health issue.

In the broker fraud claim, the estate is alleging best interest violations, unsuitable investment recommendations, misrepresentations and omissions, breach of contract, breach of fiduciary duty, negligence, failure to supervise, and more. LPL and its Texas broker earned high commissions and fees from the illiquid alternative investments it sold to this elderly investor who entrusted them to manage his money properly so he could take care of himself and his family.

Bowman, who has worked at multiple brokerage firms and investment advisory firms over the years, is currently a Sovereign Wealth Advisors registered representative as well. RIA’s form ADV notes that 80% of its business involves selling the kinds of high-risk investments that Bowman sold to this retiree.

It is important to note that patients suffering from dementia are sometimes not able to make sound financial decisions or comprehend complex investments or strategies depending on how far their illness has advanced.

Brokerage firms are supposed to make sure that any investment recommendations they make are not only suitable for each investor given their age, health issues, risk tolerance level, and other key factors but also be mindful of when an investor may be losing the capacity to make sound investing decisions that are in their best interests.

How Can Our Texas Broker Fraud Law Firm Work With You and Your Family?

If you suspect that you or your loved one may have been the victim of elder financial abuse by a broker, our Texas Broker Fraud Law Firm can help you explore your legal options.  We work with older investors and their families in fighting for the damages they are owed. This includes representing investors suffering from dementia, Alzheimer’s, or other serious health problems, as well as the estates of already deceased investors.

The first step to take is to contact us today to request your free, no-obligation case assessment. We have been fighting for investors in Texas and throughout the US for over 30 years. With more than a combined 100 years of experience in the securities industry and securities law, we have the skills, resources, and knowledge to represent clients against the largest brokerage firms in the country.

This is not the first time we have sued LPL Financial on behalf of an investor. This firm is now one of the largest independent brokerage firms in the country. Independent broker-dealers tend to sell risky alternative investments that the more established firms will avoid.

That is because the business models of firms like LPL pay their financial advisors up to 90% of the commissions they make. This makes independent broker-dealers more likely to sell non-traded REITs, such as KBS Real Estate Investment Trust III, and non-traded BDCs, such as the FS Energy & Power Fund, to investors even when they are unsuitable recommendations.

How to contact our Texas broker fraud law firm:

Call (800) 259-9010 today or fill out this form.