Investment Losses with Robert Lappin?
According to FINRA, Robert Lappin (CRD# 1570836, Tempe, Arizona) allegedly consented to the sanctions and to the entry of findings that he recommended and effected short-term unit investment trust (UIT) transactions in the accounts of customers without having a reasonable basis for believing that such transactions were suitable in view of the nature of the transactions, the frequency of the transactions, and the transaction costs incurred.
The findings also allegedly stated that even though UITs generally are intended as longer-term investments, the average holding period for the UITs recommended by Lappin was purportedly only 101 days. As a result of these transactions, customers allegedly incurred additional sales charges and suffered losses.
Without admitting or denying the findings, Lappin has reportedly consented to the following sanctions: a suspension from association with any FINRA member in all capacities for three months, a fine of $5,000; and restitution to the customers in the total amount of $26,823.96, plus interest.
For FINRA’s full findings see FINRA Case #2015044670801.
According to FINRA BrokerCheck, Lappin was registered with Metlife Securities, Inc. in Tempe, Arizona from 01/2015 – 02/2015 and with New England Securities in Las Vegas, NV from 06/2011 – 01/2015. His BrokerCheck also lists five customer disputes which include complaints of unsuitability and excessive trading.
For information on unsuitablity, see Unsuitable Investments.
The White Law Group is investigating the liability that Lappin’s employers may have for losses sustained by his clients. Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
Recovery of Investment Losses
If you suffered losses investing with Robert Lappin, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. 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 Franklin, Tennessee.
For more information on The White Law Group and it’s representation of investors, visitwww.whitesecuritieslaw.com.