Eric Fenlason: Why Did LPL Fire Arkadios/Legacy Advisor?

Metairie, Louisiana financial advisor Eric Fenlason (CRD# 6211962) was fired by his former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the former LPL Financial representative is currently registered as a broker with Arkadios Capital and an investment advisor with Legacy Investment Services.

Mr. Fenlason’s BrokerCheck report discloses his termination from LPL Financial. Filed in April 2026, the disclosure states that the firm fired him in connection with allegations that he “Engaged in disapproved Outside Business Activity; and failed to disclose conflict of interest.”

One of the most vital securities industry standards is the one established by the Investment Advisers Act of 1940, which stipulates that advisors must uphold a fiduciary duty to their clients. In essence, this means that they may not place their own interests ahead of the investor’s. Among other things, the fiduciary standard requires advisers to fully and fairly disclose potential conflicts of interest that might render their recommendations or advice not disinterested. The SEC’s Regulation Best Interest establishes a similar requirement, specifically obliging representatives to “make full and fair disclosure to the retail customer of all material facts relating to conflicts of interest that are associated with the recommendation” at the time they make it. Representatives who violate these standards may be subject to disciplinary action or found liable for damages.

Investors should be aware that FINRA Rule 3270 forbids brokers like Mr. Fenlason from participating in unapproved outside business activities. “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm,” the rule states, “unless he or she has provided prior written notice to the member, in such form as specified by the member.” Brokers who contravene this rule may be subject to disciplinary action by their member firms or by securities industry regulators.

According to the Financial Industry Regulatory Authority, Eric Fenlason holds 12 years of securities industry experience. Based in Metairie, Louisiana, he has been registered as a broker with Arkadios Capital since 2026 and an investment advisor with Legacy Investment Services since 2023. His past registrations include LPL Financial, Crown Capital Securities, FEF Distributors, John Hancock Investment Management Distributors, and Morgan Stanley. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He is licensed in Arizona, California, Georgia, Louisiana, Maryland, Minnesota, Mississippi, Nevada, New York, Oregon, Virginia, and Wyoming. (Information current as of June 6, 2026.)

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