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Former LPL Financial Advisor, Cheryl Ann Stallings, Barred By FINRA For Allegedly Converting Her Clients’ Money For Personal Use

The Wolper Law Firm is currently investigating claims against Cheryl Ann Stallings, a former Financial Advisor at LPL Financial in Amarillo, Texas.  Cheryl Ann Stallings has been in the securities industry since the 1990s and previously worked for Bank of America Investment Services.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 19, 2018, FINRA sanctioned Cheryl Ann Stallings, barring her from associating with a brokerage firm, following allegations that she converted client money for personal use.  Specifically, the FINRA sanction order states:

“Without admitting or denying the findings, Stallings consented to the sanction and to the entry of findings that she circumvented her member firm’s supervisory system and procedures and prevented the firm from properly supervising her by failing to disclose that she was named as power of attorney for a firm customer, had custody of two firm customers’ bank accounts, and was named as successor trustee and beneficiary of a firm customer’s trust. The findings stated that because the two firm customers designated Stallings as their transfer-on-death beneficiary to their accounts, upon the customers’ deaths, more than $60,000 passed to Stallings from the customers’ bank accounts. In addition, because one of the two customers appointed Stallings as successor trustee over the customer’s living trust and named Stallings as a beneficiary of the trust granting her a $248,000 payment from the trust…The findings also included that Stallings made false statements and misrepresentations to her firm on annual compliance questionnaires, falsely stating she had not been granted control over any customer assets and falsely denying she had been granted any power of attorney over a firm customer, and on a request form to act as trustee.”

For a full copy of Cheryl Ann Stallings’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1162913#disclosuresSection.

The Wolper Law Firm is interested in speaking with clients of Cheryl Ann Stallings as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]