FINRA Bars Lee Nordstrom after Allegations of Unauthorized Trades
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred financial advisor Lee V. Nordstrom (CRD#: 2248261) from the securities industry after an investigation of whether he made unauthorized trades inside of a customer’s IRA Account.
This matter reportedly originated from the 2020 cycle examination of Vorpahl Wing Securities, Nordstrom’s former member firm. In January 2021, FINRA launched an investigation into whether he engaged in potential unsuitable and excessive trading in several customer accounts, according to letter of acceptance. According to FINRA, Nordstrom was barred after he reportedly failed to provide information in its investigation.
Lee Nordstrom was reportedly affiliated with the following firms among others, according to FINRA:
06/22/2020 – 11/06/2020, LPL FINANCIAL LLC (CRD#:6413), SPOKANE, WA
06/13/2013 – 05/13/2020, VORPAHL WING SECURITIES (CRD#:47548), SPOKANE, WA
09/02/2011 – 05/31/2013, PARTNERS INVESTMENT NETWORK, INC. (CRD#:22423), SPOKANE, WA
07/01/2003 – 09/30/2011, WELLS FARGO ADVISORS, LLC (CRD#:19616), SPOKANE, WA
According to his FINRA Broker report, Nordstrom has two employment separations during his career in the securities industry. In April 2020, Vorpahl Wing reportedly dismissed Nordstrom for “Failure to adhere to Firm suitability policy.”
In 2011, Nordstrom voluntarily resigned from Wells Fargo after allegations of “exercising discretion in customer’s accounts without the proper written authorization.”
According to Nordstrom in a broker comment, the issues was investigated and dismissed. His broker report indicates one customer complaint for allegations of “excessive trading and overconcentration in two stocks.”
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Lee Nordstrom’s employers may have for failure to properly supervise him.
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in FINRA arbitration claims in all 50 states including Washington. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Lee Nordstrom, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.