On June 7, 2013, Greg J. Campbell of Clayton, Missouri pled guilty to misappropriating over $2 million in funds from customers accounts while working at Merrill Lynch and LPL.
According to reports, while working at Merril Lynch, Campbell established Loan Management Accounts (LMAs) for his clients, often without their consent, which he used to divert over $1.4 million into his own personal accounts. Campbell allegedly used the money to pay his mortgage and finance luxury cars.
In addition, while working as a senior wealth manager for Four Seasons Wealth Management, a company that offered financial advisory services to clients through LPL Financial, Campbell diverted funds approximately $360,000 from his clients’ IRA accounts. Many of Campbell’s victims were purportedly elderly and close family relatives.
Brokerage firms have a supervisory responsibility to monitor the activity and conduct of their brokers. When a FINRA registered broker, such as Campbell, misappropriates and diverts client’s funds for personal use, the brokerage firm may be liable for negligent supervision and responsible for losses in a FINRA dispute resolution claim.
According to Campbell’s BrokerCheck Report (CRD), he worked as a registered FINRA broker with A. G. Edwards & Sons from 01/2004-06/2006, Merrill Lynch from 06/2006-10/2011, and LPL Financial from 11/2011-11/2012.
If you invested with Greg J. Campbell and would like to speak to a securities attorney about your potential to recover losses through FINRA arbitration, please call the securities attorneys of The White Law Group at 312-238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.