Robert Earls: DOJ Probes LPL Advisor; $1.1 Million Complaint

Former Roanoke, Virginia financial advisor Robert Earls (CRD# 1369915) allegedly recommended an unsuitable investment, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with LPL Financial, doing business as Southern Investment Strategies.

Mr. Earls’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2024, alleges that as a representative of LPL Financial, he recommended an unsuitable real estate investment. The pending complaint alleges unspecified damages.

A second investor complaint, also filed in March 2024, alleges that as an LPL representative, he did not return certain withdrawn funds to the customer. The pending complaint alleges damages of $20,000.

A third investor complaint, filed in March 2024, alleges that he received funds from the customer “which she believed were being invested in outside investment accounts, but no such accounts exist at LPL.” The pending complaint alleges damages of $1.1 million.

A fourth investor complaint, filed in February 2024, alleges that he misappropriated funds between 2015 and 2024. The pending complaint alleges unspecified damages.

A fifth investor complaint, filed in March 2024, alleged that he failed to follow instructions to sell stock shares. The complaint reached a settlement of $21,139.08.

A sixth disclosure on his BrokerCheck report concerns a federal investigation into his conduct. Filed in February 2024 by the US Department of Justice for the Western District of Virginia, the disclosure states that authorities are “conducting a grand jury investigation of Representative related to allegations of misappropriation in customers’ accounts.” The investigation remains pending.

According to the Financial Industry Regulatory Authority, Robert Earls holds 35 years of securities industry experience. Most recently based in Roanoke, Virginia, he was last registered with LPL Financial from 2001 until 2024. His registration history includes UVest Investment Services, Royal Alliance Associates, One Valley Securities, Davenport & Company, Ferguson Andrews & Associates, Planco Financial Services, Travelers Equities Sales, and Equico Securities. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is not licensed with any state or firm. (Information current as of June 5, 2024.)

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