David Hackney, former LPL broker barred by FINRA

FINRA, Illinois bar David Hackney, former broker with LPL.

David Hackney barred by FINRA

On June 23, 2015 the state of Illinois, through its Secretary of State’s Securities Division published a consent order revoking David Hackney’s securities salesperson and investment advisor registrations, and permanently barred him from selling securities in the state of Illinois.

The Securities Divisions’ complaint stems from an investigation into excessive trading in at least three elderly customer accounts while Hackney was a registered representative with LPL Financial.

This consent order followed an investigation conducted by FINRA into Hackney’s role in churning at least four customer accounts, causing close to $400,000 in losses.

The consent order issued by the securities division found violations of sections 12 A and F of the Illinois Securities Laws and section 130.850 of the rules,

David Hackney’ registration and disciplinary history

In order to lawfully sell investments to the public, one must either be registered or exempt from registration. FINRA has permanently barred David Hackney from association with any broker dealer.

According to FINRA’s CRD disclosure report, David Hackney has been the subject of two customer complaints and two regulatory investigations.

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.

FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).

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.