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Options for Clients of Former LPL Financial LLC Broker Raymond Benjamin

Posted on Thursday, September 9th, 2021 at 12:08 am    

LPL Financial LLC

Erez Law is currently investigating former LPL Financial LLC broker Raymond Benjamin (CRD# 2855278) regarding variable annuity investment losses. Benjamin has been registered with Kingswood Capital Partners, LLC in Augusta, Georgia since 2018. Previously, Benjamin was registered with Wealthplan Partners in Augusta, Georgia from 2016 to 2017 and with Uvest Financial Services Group, Inc. in Augusta, Georgia from July to August 2010. Prior to that, Benjamin was registered with LPL Financial LLC in Augusta, Georgia from 2010 to 2018.

Benjamin has been the subject of one customer complaint, according to his CRD report:

May 2018. “Complainant states a variable annuity purchase was an unsuitable recommendation as the contract contained sub-par rates of return and excessive expenses unfit for a defined benefit plan. Complainant further alleges the Financial Representative misrepresented the terms of the contract and breached his fiduciary duty when complainant was allegedly coerced into purchasing the contract.” The customer sought $271,048.33 in damages and the customer was granted $250,000 in damages. The complaint was regarding variable annuity investment losses and took place while Benjamin 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 Benjamin’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.