Charles C. Fackrell, of Yadkinville, North Carolina, a stockbroker formerly registered with LPL Financial LLC, has been named in a pending customer initiated investment related arbitration claim on June 10, 2016, in which the customer alleged that Fackrell made unauthorized and excessive trades in the customer’s account, effected transactions in the customer’s account which were unsuitable, and made misrepresentations to the customer.
On March 17, 2016, Fackrell plead guilty to federal securities fraud.
FINRA’s Public Disclosure reveals that Fackrell has been named in a host of additional pending customer initiated investment related arbitration claims. On March 24, 2016, a customer lodged an investment related arbitration claim against Fackrell, alleging that he made misrepresentations to the customer, effected transactions which were not suitable for the customer, and sold investments outside the auspices of his firm.
On February 16, 2016, Fackrell was named in a customer initiated investment related arbitration claim, in which the customer alleged that Fackrell made misrepresentations to the customers concerning investments, effected unsuitable transactions in the customers’ accounts, and facilitated the purchase of investments away from his firm.
On January 19, 2016, a customer lodged an investment related arbitration claim against Fackrell, alleging that investments purchased were unsuitable, and that Fackrell made trades in the customer’s account without requisite authorization. On August 21, 2015, Fackrell was named in a customer initiated investment related arbitration claim, in which the customer alleged that Fackrell placed the customers’ assets into assets that LPL Financial had not approved of, made misrepresentations to the customers, and effected unsuitable transactions in customer accounts.
On July 17, 2015, Fackrell became subject to a customer initiated investment related arbitration claim based on allegations against Fackrell of placing the customer’s funds into investments which were not suitable, making misrepresentations to the customers concerning investments, and misappropriating customer funds into investments outside LPL’s auspices.
Fackrell settled a customer initiated investment related arbitration claim for $78.341.46 on June 26, 2015, based upon allegations against Fackrell of making trades in the customer’s account without authority, and effecting transactions in investments which were not suitable for the customer.
Fackrell was named in a customer initiated investment related arbitration claim on June 2, 2015, in which the customer requested $10,235.00 in damages based upon allegations against Fackrell of placing the customer’s assets into investments that were not suitable for the customer. On February 20, 2015, Fackrell was named in a pending customer initiated investment related arbitration claim based upon allegations against Fackrell of making misrepresentations concerning investments. Customers lodged an investment related arbitration claim against Fackrell on December 8, 2014, in which customers requested $170,000.00 in damages based upon allegations against Fackrell of selling away and effecting unsuitable investment transactions for customers.
FINRA Public Disclosure reveals that on December 5, 2014, Fackrell was terminated from LPL Financial LLC based upon allegations against Fackrell of engaging in unauthorized private securities transactions, and being charged with a felony for obtaining property via false pretenses. Fackrell was later charged with securities fraud on March 17, 2016, in which he pled guilty.
Fackrell was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) after consenting to findings that he obstructed a FINRA investigation into allegations that customers’ assets were converted by Fackrell and placed into investments held outside of LPL Financial without the firm’s approval. Letter of Acceptance, Waiver and Consent, No. 2014043705201 (Feb. 26, 2015). Fackrell was found by FINRA to have violated FINRA Rules 2010 and 8210 based upon his failure to cooperate in the investigation.
Update. LPL Financial was ordered by a FINRA Arbitration Panel in Arbitration No. 15-02117 to pay $332,000 to a group of Claimants in December 2017 as a result of its failure to supervise Fackrell
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