According to reports, Texas has revoked the license of an investment advisor, claiming he impersonated ex-clients at a former employer to gain account balances and monthly contribution amounts.
The report states that Lloyd James Chappell’s tactics included imitating the voice in English of a predominately Spanish-speaking female past customer to get information about her assets.
According to his FINRA Broker Report, Chappell, of Garland, Texas, worked for Park Avenue from 2000 until 2013. He then moved to a firm called BFT Financial Group where his scheme was discovered and he was terminated for contacting an investment company and pretending to be several customers to gain account information.
The White Law Group is investigating the liability that Chappell’s employers may have for these activities. Brokerage firms are required to supervise their financial advisors to ensure that they are complying with securities rules and regulations. To the extent that it can be demonstrated that a broker-dealer’s failure to supervise a broker was the cause of a client’s damage, that client may be able to recover their losses in a FINRA arbitration claim.
If you suffered losses as a result of investing with Lloyd James Chappell, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. For more information on the firm, visit http://www.whitesecuritieslaw.com.