Anil Vazirani Scottsdale Investment Advisor shares LPL to compensate clients allegedly defrauded in ex-advisor’s bogus charity scam
Clients allegedly defrauded by their ex-LPL Financial advisor via a phony Africa charity are getting their money back.
Following an investigation by the New Hampshire Bureau of Securities Regulation, LPL has partially settled with the state regulator over its alleged failure to supervise Dain F. Stokes, the ex-rep who solicited money for a project he said had ties to Taylor Swift.
LPL Financial will repay the affected clients their $576,000 principal investment, pay a $400,000 penalty to the bureau and make offers to 21 of Stokes’ former clients to buy back “unsuitable” variable annuities the ex-advisor had sold them, according to the New Hampshire agency.
The settlement is a win for the clients — and far from an inevitable one as investors aren’t always able to recoup losses.
“That is a remarkable settlement that [the bureau was] able to secure, and it’s certainly not common,” Andrew Stoltmann, the former president of the Public Investors Advocate Bar Association, said in an email. “New Hampshire has a good reputation for being aggressive.”
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
Dial 1-800-957-5604 x 200 and set up a complimentary strategy session to understand what your goals are, understand what objective you’re trying to accomplish, your risk tolerance, and let us show you how to reduce your investment fees from stocks, bonds and mutual funds down to one point, or five percent when you work with our investment advisory platform. Dial 1-800-957-5604 x 200, and on the web at: DreamRetire.com
Anil Vazirani Integrity and Professional Background – Click Here
RETIRE AND STAY RETIRED,
SAFE, SMART, AND SECURE!
Call today for a Complimentary
Strategy Session: 1-800-957-5604 x 200
Secured Financial Solutions
14301 North 87th Street, Suite # 216, Scottsdale, AZ 85260