Customers Sue LPL Financial Over Unsuitable ETFs And Mutual Funds

Jane Ruth Everingham (CRD: 1727956) is a former registered representative of LPL Financial LLC from Larkspur, California. According to Everingham’s FINRA BrokerCheck disclosures, she is currently, or has been previously, subject of eight customer-initiated, investment-related arbitrations containing allegations of her sales practice violations including unsuitability, excessive fees, and breach of fiduciary duty. The customers’ disputes, including the following, involve Everingham’s activities when she was employed with LPL Financial, LLC:

• May 4, 2018 Arbitration #18-01746: The LPL Financial customer alleged to have been excessively charged in connection with bear funds and exchange-traded fund (ETF) transactions recommended by the advisor. The customer alleged damages totaling $690,000. The arbitration is pending.
• December 28, 2017 Arbitration #17-03448:  The customer of LPL Financial raised allegations of unsuitable investment recommendations. Apparently, the customer was advised to invest in ETFs and mutual funds which then caused the customer losses. The arbitration is still ongoing.
• September 26, 2017 Arbitration #17-02554:  The LPL Financial LLC customer contended that poor investment advice was provided in reference to the customer’s ETF and mutual fund holdings. On June 8, 2018, LPL Financial agreed to pay the customer $90,000 in damages to resolve the customer’s allegations of unsuitability.
• March 24, 2016 Arbitration #16-00790:  The customer alleged to have been poorly advised while Everingham was associated with LPL Financial LLC. The arbitration was settled on January 12, 2017 for $150,000 in damages.
• July 6, 2015 Arbitration #15-01521:  Allegations of unsuitability, negligence and breach of fiduciary duty were made against Everingham by the LPL Financial LLC customer in reference to the securities held in the customer’s investment account. On March 8, 2016, LPL Financial settled the customer’s allegations for $295,000 in damages.
• June 4, 2015 Arbitration #15-01207:  Everingham was alleged by the customer to have effected ETF and mutual fund trades that were not appropriate for the customer given the customer’s risk tolerance and age. The arbitration was settled on January 20, 2016 for $260,000 in damages.
• May 18, 2015 Arbitration #15-00987:  The LPL Financial customer contended that her account contained an unsuitable allocation of mutual fund investments. The customer agreed to settle the unsuitability allegations on August 4, 2016 in return for $160,000 in damages.
• May 17, 2013 Arbitration $13-01286:  Everingham was alleged to have been responsible for placing the LPL customer in mutual fund investments that did not reflect the customer’s risk tolerance. On May 16, 2014, the arbitration was resolved for $95,800.

Everingham was affiliated with LPL Financial LLC from December 24, 1991 to June 6, 2017.

If you have lost money by investing with Jane Ruth Everingham or another broker, contact Gregory Tendrich at (561) 417-8777 for a review of your case and discussion of your legal options. Gregory Tendrich, P.A. is dedicated to recovering losses for investors who have fallen victim to unsuitable trading, negligence and other sales practice violations committed by brokers and their firms.