Former LPL Financial Broker, Richard Yada, Sanctioned By FINRA For Unauthorized Trading

The Wolper Law Firm is currently investigating claims against Richard Yada, a former Financial Advisor at LPL Financial in Little Rock, Arkansas.  Richard Yada has been in the securities industry since the 1980s and previously worked for Citigroup.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 4, 2018, FINRA sanctioned Richard Yada, barring him from the securities industry for a period of 2 months for allegedly engaging in unauthorized trading activity in customer accounts.  As part of regulatory settlement, FINRA made the following findings:

“Yada consented to the sanctions and to the entry of findings that he used discretion in the accounts of customers without prior written authorization from the customers and without having the accounts accepted as discretionary accounts by his member firm. The findings stated that Yada engaged in the use of discretion despite acknowledging on the firm’s annual compliance questionnaires his awareness that it prohibited use of discretion. In addition, when the firm directly asked Yada whether he was using discretion to place trades in customer accounts, he denied the conduct, admitting to the use of discretion only after FINRA began its investigation.”

For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017053623901%20Richard%20H.%20Yada%20CRD%201077317%20AWC%20va%20.pdf

In addition, in early 2017, LPL discharged Richard Yada after allegations regarding his unauthorized trading first surfaced.

If you or someone you know was a customer of Richard Yada and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

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.