Former LPL Financial LLC financial advisor Robert Bulloch Accused of Using Discretion in Customer Accounts
Posted on Monday, July 17th, 2017 at 5:31 pm
Erez Law is currently investigating former LPL Financial LLC financial advisor Robert Bulloch (CRD# 2541075) regarding use of discretion or unauthorized trading in customer accounts. Bulloch has been registered with Infinity Financial Services in Oakland, California since January 2017. Previously, he was registered with LPL Financial LLC in Raleigh, North Carolina from 2010 to 2016.
In May 2017, FINRA sanctioned Bulloch to $10,000 in civil and administrative penalties and fines after he “consented to the sanctions and to the entry of findings that he exercised discretion in the accounts of customers without having obtained prior written authorization from the customers to exercise discretion in their accounts, and without his member firm having approved the accounts for discretionary trading.” According to the Acceptance, Waiver & Consent (AWC), “The findings stated that although Bulloch had discussed and agreed upon particular investment strategies with these customers, in some instances Bulloch exercised discretion and executed transactions in furtherance of those strategies without first speaking with the customers about the specific transactions.”
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 Bulloch’s customers.
Erez Law represents investors in the United States for claims against former LPL Financial LLC financial advisor Robert Bulloch, who is alleged to use discretion in customer accounts. If you were a client of LPL Financial LLC or another firm, 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.