×

Stoltmann Law Offices Files Two New FINRA Arbitration Claims Against LPL Financial Corp. for Selling Away Scheme -- LPLA

CHICAGO, March 27, 2013 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces it has filed two additional arbitration claims against LPL Financial Corp. (Nasdaq:LPLA) for clients who invested in Silver Oak Leasing. The investments were recommended by former Linsco financial advisor Alberto Neira.

The claims were filed on behalf of a former PGA golfer and an heir to Knott's Berry Farm amusement park. According to the Statement of Claim, former LPL representative Alberto Neira solicited the Claimants to invest in the now defunct Silver Oak Leasing – a business operated by Alberto Neira that was purportedly engaged in the financing of luxury automobiles in California. The Claimants suffered a complete loss on their investment in Silver Oak Leasing.

In January of 2011, Alberto Neira was terminated from LPL for failing to fully disclose his participation in an outside business activity. In December 2012, Alberto Neira was permanently barred by FINRA for defrauding at least fourteen investors, many of which were LPL customers at the time they were solicited to invest in Silver Oak Leasing. Stoltmann Law Offices already represents ten LPL clients with combined losses of $10.2 million in Silver Oak Leasing and millions in additional losses from the trading of preferred stocks in the banking and auto industry.

According to Chicago attorney Andrew Stoltmann, "Multiple supervisory red flags were kicked up by Neira's conduct while with LPL. We have alleged in the Statement of Claims that reasonable supervision would have stopped this selling away scheme in its tracks. We will be filing additional arbitration claims against LPL Financial for the Silver Oak Leasing fraud in the near future, and we encourage other victims of Alberto Neira to contact us to discuss their legal options."

CONTACT: Stoltmann Law Offices Andrew Stoltmann Esq. o: 312-332-4200 10 S. LaSalle 35th Floor Chicago, IL 60603 www.InvestmentFraud.PRO Andrew@stoltlaw.comSource:Stoltmann Law Offices P.C.