- May 20, 2019
- LPL Financial
Philip J. Nalesnik was a Financial Advisor at LPL Financial LLC in Pottsville, PA. Philip Nalesnik entered the securities industry in 2002 and previously worked at CCO Investment Services Corp., American Express Financial Advisors Inc. and IDS Life Insurance Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2019, FINRA sanctioned Philip Nalesnik, barring him from the securities industry for refusing to “provide on-the-record testimony requested by FINRA. The findings stated that Nalesnik’s member firm filed a Form U5 terminating his employment and indicating that he had violated firm policy regarding outside business activities and failed to timely and completely respond to its inquiries.”
A copy of the FINRA sanction can be accessed by clicking http://www.finra.org/sites/default/files/fda_documents/2018059313701%20Philip%20Nalesnik%20CRD%204561380%20AWC%20va%20.pdf
Philip Nalesnik also has five customer disputes disclosed on his CRD, including the following allegations:
- November 2010 – “ACTION IN CONNECTION WITH LOSSES STEMMING FROM PURCHASES OF A NATIONAL MUNICIPAL FUND IN JULY THROUGH SEPTEMBER 2007.” The matter settled for $50,000.
- May 2010 – “ACTION IN CONNECTION WITH LOSSES STEMMING FROM A PURCHASE OF A NATIONAL MUNICIPAL FUND IN JULY 2007.” The matter settled for $65,000.
In addition, Philip Nalesnik disclosed two tax liens from 2017 and 2012, and a bankruptcy in 2012.
For a copy of Philip Nalesnik’s CRD, click https://brokercheck.finra.org/individual/summary/4561380.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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