FINRA Bars Laura Ortega Shean for using client funds to pay her taxes.
According to the Financial Industry Regulatory (FINRA), the regulator has barred former LPL Financial advisor, Laura Ortega Shean for using client funds to pay her own taxes.
According to a letter of acceptance, waiver and consent, from March 2017 to October 2017, Shean made tax payments on six separate occasions by directing the Internal Revenue Service to debit an unidentified client’s brokerage account.
Shean allegedly paid close to $124,000 in taxes with the client’s money, according to FINRA.
According to her FINRA BrokerCheck report, Shean was registered with LPL Financial in Medford, Oregon from October 1999 unitl LPL discharged Shean in November 2017 after she admitted to using the client’s funds for personal use.
Since then Shean reportedly reimbursed a portion of the funds to the client and some of the payments to the IRS were also reversed.
For FINRA’s full findings see FINRA Case # 2017056236901.
Failure to Supervise
Brokerage firms have a legal responsibility to adequately supervise the business activities of their employees. If a broker engages in a scheme that misleads clients the brokerage firm that employs them may be liable for negligent supervision.
If it can be demonstrated that Shean’s former employer failed to properly supervise her, her employer may be held responsible for the losses in a FINRA arbitration claim.
If you have questions about investments you made with Laura Ortega Shean, the securities attorneys of The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
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 Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at http://www.whitesecuritieslaw.com.