There are options for clients of LPL Financial LLC broker Yvonne Silguero (CRD# 3211495) who suffered investment losses. Silguero has been registered with LPL Financial LLC in Mcallen, Texas since 2008.
In November 2019, a former client of Lone Star National Bank and LPL Financial LLC won an award in a FINRA arbitration for compensatory damages for $864,839.70, plus $340,000 in attorney’s fees, $350,000 in additional damages, which totaled $1,554,839.70 in damages.
The causes of action included breach of contract and warranties; violation of Texas State Securities Statutes; negligent supervision; violation of the Texas Business and Commerce Codes; violation of consumer protection statutes, negligent misrepresentations, unjust enrichment, and breach of duties; unsuitable investment recommendations and violations of FINRA Rules; and vicarious liability. The causes of action relate to Claimants’ allegations that, in pursuit of commissions, LPL and Lone Star made misrepresentations and omissions and recommended unsuitable investments in non-traded REITS that did not fit Claimants’ investment objectives and in offshore investments in which Ibarra was not eligible for participation. Claimants further allege that the directives and policies of LPL and Lone Star led to the seizure of Claimants’ accounts. The FINRA arbitration hearing was conducted in Houston, Texas.
Silguero has been the subject of one additional customer complaint, according to his CRD report:
August 2019. “Claimant alleges negligence, gross negligence, misrepresentation, omission of material facts, breach of fiduciary duty through failure to supervise, and breach of contract. Activity period: 7/2014 – 10/2018.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint was regarding alternative investments and took place while Silguero was registered with LPL Financial LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC may be liable for investment or other losses suffered by Silguero’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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