FINRA Bars Gerard Fagnant Over Customer Loan

Gerard Fagnant barred by FINRA

In May, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Gerard Fagnant of Westminster, MA, formerly with LPL Financial Services, of Leominster, MA was barred from association with any FINRA member as a result of his participation in undisclosed loan transactions with an LPL customer.  According to the findings, Fagnant borrowed over $300,000 from a customer and deposited the funds into an account away from LPL.  He promised to repay the customer by way of a promissory note, but shortly after making the note, he stopped paying interest and the note went into default.  As of the time of the FINRA regulatory investigation the loan remained outstanding.

Registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Gerard Fagnant was registered with:

11/2011 – 04/2015
LPL FINANCIAL LLC
10/1988 – 11/2011
AMERIPRISE FINANCIAL SERVICES, INC.

According to FINRA’s CRD disclosure report, Gerard Fagnant has been the subject of two customer complaints and one regulatory investigation.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions.  During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues.  Typical claims that we are asked to review  involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.