The Green Firm recently filed a statement of claim against LPL Financial, LLC whose employee financial advise abused what are called non-traditional ETFs was breathtaking. We allege that the broker in question lost our client, a very frugal and risk-averse small businessman, approximately 70% of his total account value as a result of investment misconduct by his broker in combination with a lack of supervisory oversight on the part of LPL Financial, LLC.
Non-traditional ETFs are highly complex financial products which are typically unsuitable for retail investors and designed to be deployed in volatile markets for one trading day at a time. In this case, the broker held the non-traditional ETFs in the claimant's account for a period of several months.
Shocking as this abuse may sound, unfortunately it's all too common. Broker misconduct and the misapplication of sophisticated financial products are at the center of so many of the cases we see at The Green Firm. If you have been the victim of similar conduct by LPL Financial, LLC or any other broker or brokerage firm, please contact us immediately for a free consultation to review your legal rights.