INVESTOR ALERT—Broker Clifton Roberts Discharged By LPL Financial For Violation Of Firm Policy Regarding Outside Business Activities
The Wolper Law Firm is currently investigating claims against Clifton Roberts, a former Financial Advisor at LPL Financial in Houston, Texas. Clifton Roberts has been in the securities industry since 2000 and previously worked at Wells Fargo Advisors and Chase Investment Services Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 25, 2018, Clifton Roberts was discharged by LPL Financial for “violation of firm policy regarding outside business activities.” This alleged misconduct is known as “selling away.”
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
In addition, Clifton Roberts has previously been the subject of two customer complaints. The first complaint, filed in 2008, alleged “poor recommendations relating to a managed account…” The matter was settled for $40,000. In 2010, another customer alleged “misrepresentation regarding mutual fund investment.”
To review Clifton Robert’s full disclosure report, click https://brokercheck.finra.org/individual/summary/3201516
If you or someone you know was a customer of Clifton Roberts 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.
