Arthur Obermeier (also known as Art Obermeier) of Boulder Colorado a stockbroker formerly registered with LPL Financial has been fined $5,000.00 and suspended for 60 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Obermeier executed unauthorized trades in the accounts of LPL Financial customers. Letter of Acceptance Waiver and Consent No. 2019062711601 (Jan. 11, 2021).
According to the AWC, between January of 2019 and March of 2019, six trades were executed by Obermeier in LPL Financial customer accounts. The transactions totaled $798,000.00 in value. FINRA stated that customers were not contacted by Obermeier before he placed trades. Obermeier did not procure any approval from those customers before moving forward with the transactions.
The regulator indicated that in the January 2019 instance, two securities sales were executed in the customer’s account. Those transactions had a principal value of $150,000.00. In the March 2019 instance, two purchases totaling $324,000.00 in principal value had been executed for a customer’s account. Two other purchases with the same principal value had been made in a different customer’s account. FINRA determined that Obermeier violated FINRA Rules 2010 as he failed to secure the customers’ authorizations on those transactions.
Obermeier has been identified in two customer initiated investment related disputes containing accusations of his misconduct. FINRA Public Disclosure confirms that a customer initiated investment related complaint concerning Obermeier’s conduct was settled for $16,000.00 in damages founded on allegations of unspecified sales practice violations resulting in damages for the customer’s Dean Witter Reynolds account. Obermeier is named in another customer initiated investment related FINRA securities arbitration claim where the customer was awarded compensatory damages based upon findings of the customer being overcharged on the purchase of Colorado Bondshares.
Obermeier was discharged by LPL Financial on April 26, 2019 supported by accusations of him effecting discretionary trades in customer accounts without written authorization.