Patricia Fleming: Lumena Advisor Lands $500K Complaint

San Diego, California financial advisor Patricia Fleming (CRD# 1960175) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that she is registered as a broker and an investment advisor with LPL Financial, doing business as Lumena Financial Strategies.

Ms. Fleming’s BrokerCheck report discloses one investor complaint. Filed in in July 2024, it alleges that as a representative of Waddell & Reed and LPL Financial, she recommended unsuitable investments in mutual funds and exchange-traded funds. The pending complaint alleges damages of $500,000.

In a statement included with the complaint’s disclosure, Ms. Fleming denies the allegations, which she describes as meritless. “The investments at issue were suitable and recommended based on the customer’s disclosed objectives, goals and financial circumstances,” she states further. “The client was informed of his options and given several portfolio and strategy choices with various levels of risk and income, all of which were suitable choices based on the information he provided.”

Lumena Financial Strategies’ website includes a profile of Ms. Fleming that describes her background and experience as the firm’s president. “Alison’s goal is to assemble a team of professionals who combine the best of their collective experience on behalf of clients,” it explains. “Her leadership background and understanding of the intricacies of the current financial landscape allows her to work individually with clients while expanding the services available through Lumena, providing the continuity and depth of experience that clients deserve and expect today.”

According to the Financial Industry Regulatory Authority, Patricia Fleming holds 35 years of securities industry experience. Based in San Diego, California, she has been registered as a broker and an investment advisor with LPL Financial since 2021, doing business as Lumena Financial Strategies. She was previously registered with Waddell & Reed in San Diego from 1989 until 2021. She holds 60 state licenses. (Information current as of November 27, 2024.)

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