The US Securities and Exchange Commission is investigating Westlake Village, California stockbroker Thomas Swan (CRD# 1698430) over alleged violations of...Read More
Melvin Case: LPL Financial Advisor Suspended
Melvin Case, a former Jacksonville, Florida, LPL financial advisor, has been suspended by the Financial Industry Regulatory Authority (FINRA) for six months and fined $5,000 for failing to notify regulators of a felony charge and guilty plea. This comes after LPL Financial terminated Case’s employment on or around May 2, 2017, for “allegations of criminal charges involving exploitation of an aged adult after converting the victim’s money for his own benefit.”
According to FINRA records, on August 4, 2016, Case pled guilty to the felony of exploitation of an aged adult. His suspension will begin on February 5, 2018, and run through August 4, 2018.
In addition to the issues regarding exploitation, Melvin Case has four customer complaints on his regulatory record. In 2009, a customer “alleged misrepresentation concerning guarantees & risk” of an annuities contract. In 2009, another customer alleged “misrepresentation concerning the guarantees and risks” of three annuities contracts.
In 2004 a customer brought an arbitration against Case’s firm alleging “unsuitable recommendations, failure to properly allocate assets and misrepresentations in the sale and servicing of” the customer’s account. That claim was settled for $100,000.
In 1998, a customer complained, alleging “misrepresentation concerning features of” a variable appreciable life insurance policy.