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Investigation of LPL Financial LLC Financial Advisor Stephen Garrett

Posted on Tuesday, April 17th, 2018 at 10:45 am    

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Were you the victim of LPL Financial LLC financial advisor Stephen Garrett (CRD# 218223) regarding oil and gas sector losses? Garrett has been registered with LPL Financial LLC in Monrovia, California since 1993.

Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.

Garrett has been the subject of two customer complaints between 1985 and 2017, according to his CRD report. The most recent complaint involved:

February 2017. “Customer alleges inappropriate investments and options trading in volatile stocks concentrated in the oil and energy sector and inconsistent with customer’s investment objectives. Activity period – June 2014 to December 2015.” The customer sought $170,980 in damages and the case was settled for $62,500.

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 Garrett’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.