{"id":1364,"date":"2013-12-27T13:13:16","date_gmt":"2013-12-27T13:13:16","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/12\/finra_bars_exlpl_broker_over_n"},"modified":"2022-05-03T15:29:31","modified_gmt":"2022-05-03T20:29:31","slug":"finra-bars-exlpl-broker-over-n","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-bars-exlpl-broker-over-n\/","title":{"rendered":"FINRA Bars Ex-LPL Broker Over Nontraded REIT Sales"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority has barred ex-LPL Financial (LPLA) representative Gary Chakman over securities industry rule violations related to the sale of non-traded real estate investment trusts. Chackman was registered with the brokerage firm from 2001 until 2012. LPL then ended his registration with the firm for purportedly violating its procedures and policies related to alternative investment sales.<\/p>\n

According to the SRO, Chackman “recommended and effected” transactions that were unsuitable in several LPL customer accounts. He did this by overconcentrating clients’ assets in illiquid securities, including REITs. Chackman is also accused of falsifying LPL documents to avoid firm supervision and making the broker-dealer’s records and books inaccurate because he turned in purchase forms misrepresenting clients’ liquid net worth. <\/p>\n

FINRA’s settlement letter says that when Chackman submitted falsified documents, this allowed him to increase how much of customers’ accounts could be concentrated in REITs and other investments even though these amounts went over LPL’s allowed allocation limits. The alleged overconcentration took place between January 2009 and February 2012.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority has barred ex-LPL Financial (LPLA) representative Gary Chakman over securities industry rule violations related to the sale of non-traded real estate investment trusts. Chackman was registered with the brokerage firm from 2001 until 2012. LPL then ended his registration with the firm for purportedly violating its procedures and policies related […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3877,3759],"tags":[],"class_list":["post-1364","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial","category-reits"],"yoast_head":"\nFINRA Bars Ex-LPL Broker Over Nontraded REIT Sales — Investor Lawyers Blog — December 27, 2013<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has barred ex-LPL Financial (LPLA) representative Gary Chakman over securities industry rule violations — December 27, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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