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Former LPL Financial LLC Client Wins FINRA Arbitration for $260,000 for Investment Losses

Posted on Tuesday, August 27th, 2019 at 8:12 am    

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In April 2019, a former client of LPL Financial LLC won an award in a FINRA arbitration for compensatory damages for $250,000 plus interest and $10,000 in attorney’s fees for investment losses. The investors were clients of broker Thomas Borruso (CRD# 5475175).

The causes of action included violations of FINRA Rules, NYSE Rules and NASD Rules; violation of SEC Rules 10b-5 and 15c1-7 (A); violation of the Florida Securities Act; common law fraud, failure to supervise, breach of contract, breach of fiduciary duty, and negligent misrepresentation. The causes of action are related to various securities including SunEdison stock. The FINRA arbitration hearing was conducted in New York, New York.

Borruso was registered with LPL Financial LLC in Melville, New York from December 2014 to July 2016. Previously, Borruso was registered with Rockwell Global Capital LLC in Melville, New York from April to December 2014 and previously with National Securities Corporation in Westbury, New York from 2008 to 2014.

In July 2019, Borruso was suspended indefinitely by FINRA after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

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 Borruso’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.