CHICAGO, Feb. 10, 2013 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces it has filed the first of its ten FINRA arbitration claims against Linsco Private Ledger (LPL Financial) for clients who suffered losses of over $10.1 million at the hands of former LPL broker Alberto Neira.
According to the Statement of Claim, former LPL representative Alberto Neira solicited the Claimants to invest in the now defunct Silver Oak Leasing – a business operated by Alberto Neira that was purportedly engaged in the financing of luxury cars in Southern California. The Claimants ultimately suffered a complete loss on their investment in Silver Oak Leasing.
In December 2012, Albert Neira was permanently barred by FINRA for defrauding at least fourteen investors, many of which were LPL customers at the time they were solicited to invest in Silver Oak Leasing in what would be considered a selling away scheme. Stoltmann Law Offices already represents ten LPL clients with combined losses of $10.1 million, and will be pursuing arbitration claims against LPL on their behalf to recover the losses that they suffered.
According to Chicago attorney Andrew Stoltmann, "The incredible losses that investors suffered in Silver Oak Leasing - a fraud perpetrated by LPL broker Alberto Neira - is yet another example of LPL's failure to properly supervise its registered representatives. FINRA Conduct Rules require that brokerage firms like LPL provide reasonable supervision to its registered representatives. We will be filing additional arbitration claims against LPL Financial for the Silver Oak Leasing fraud in the near future, and we encourage other victims of Alberto Neira to contact us to discuss their legal options."