Former LPL Financial LLC Broker Larry Allen Stapp is Suspended and Fined by FINRA
Allegations of borrowing from a customer and potential elder financial fraud caused LPL Financial to discharge Stapp after almost 20 years of employment
Midland, Texas-based broker Larry Stapp allegedly borrowed $200,000 from an LPL Financial LLC customer, according to the Financial Industry Regulatory Authority (FINRA). Stapp also reportedly falsely stated to the firm’s representative that the loan was not from a firm customer. In fact, according to FINRA, Stapp “submitted branch manager/financial advisor questionnaires to the firm in which he affirmed his compliance with the firm’s policies and procedures that [were] false because Stapp had borrowed funds from the firm’s customer that had not been repaid at the time each questionnaire was completed.”
In addition, these funds were reportedly borrowed from an 81-year old customer, leading to possible concerns over elder financial fraud.
As a result of its investigation, FINRA suspended Stapp from participating as a broker or otherwise associating with firms that sell securities to the public for a period of six months. FINRA also fined Stapp $10,000 in civil and administrative penalties. The suspension began on December 19, 2016 and ends on June 18, 2017, however Stapp is not currently registered with any member firm.
Prior to his employment with LPL Financial, which itself has a history of reported misconduct, Stapp was employed by H.D. Vest Investment Securities, Inc. in Irving, Texas from January 1989 to March 1996.
If you think that your investments or those of your elderly loved ones have been mismanaged in violation of securities industry regulations, or if you are concerned because you worked with a broker like Larry Stapp who has been the subject of FINRA suspensions or bans, contact the Silver Law Group. We will sit down with you, listen to your story, and develop a plan to assess your situation and possible methods of recourse, including securities arbitration.
Silver Law Group specializes in fighting for clients who have lost investments at the hands of brokers and financial advisors who have taken advantage of their positions. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our elder financial fraud attorneys represent clients in securities law arbitration cases to help them attempt to recover funds and get a sense of justice.
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