February 2019 – Amarillo, Texas According to public records of Cheryl Ann Stallings (formerly Cheryl Ann Bledsoe) (CRD#1162913) a former stockbroker with LPL Financial, discloses a regulatory event and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 11/2018 FINRA permanently barred Stallings from the securities industry to resolve allegations that Stallings:
- circumvented her firm’s supervisory system by failing to disclose she was named POA for a firm customer
- had custody of two firm customer’s bank accounts and was named as successor trustee and beneficiary of a customer’s trust
- received over $300,000 from customer’s bank accounts as a result
- improperly used $5,300 of a firm customers funds to pay for her personal expenses, and
- made false statements and misrepresentations to her firm denying she had ever been granted any power of attorney over a firm customer and falsely stated that the customer was her aunt.
Stallings was employed by LPL FInancial from 9/2009-8/2017. She was discharged by LPL Financial for violating firm policy regarding fiduciary capacities and being a joint owner on two different client’s bank accounts. After leaving LPL Financial Stallings was employed briefly by Kestra Investment Services from 8/2017-2/2018.
If you have questions about an account handled by Cheryl A. Stallings, contact us for a no charge consultation to learn about your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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