Suspended after an investigation revealed Mr. Savell had participated in private securities transactions
Sonn Law is investigating Former LPL Financial Broker Eric Savell. We represent investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 866–827–3202, or complete our contact form for a free consultation.
Eric J. Savell (CRD# 4182368) is a previously registered broker and investment advisor. From 2012 to 2017, Mr. Savell spent a total of 3 years working for two different locations of LPL Financial, both based in California.
On August 5, 2019, FINRA suspended Mr. Savell for five months following an investigation that revealed Mr. Savell had participated in private securities transactions without providing notice to LPL (Letter of Acceptance, Waiver and Consent №2018060898601). In addition to the suspension, Mr. Savell was fined $10,000.
According to the regulatory filing, between July 2016 and March 2017, Mr. Savell facilitated a customer’s investment in a startup for which Mr. Savell performed in “increasingly important roles.” He did not provide notice to LPL Financial of his participation in the customer’s investment in this startup, which constitutes a violation of FINRA rules regarding outside business activities.
Mr. Savell’s BrokerCheck profile includes one other disclosure, a customer dispute from June 5, 2019. The dispute alleges that Mr. Savell made an unsuitable recommendation to a customer to invest in the promissory note of a 501(c)(3) start-up at some point during June and July 2016. The complaint requested $208,000 and is currently pending.
Prior to employment with LPL Financial, Mr. Savell was a representative with Fidelity Brokerage Services from 2001 to 2012, based in Sacramento, California.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.