Laura Ortega Shean of Medford Oregon is a stockbroker formerly associated with LPL Financial LLC who is the subject of an Oregon Division of Financial Regulation Notice Order stating that sanctions have been sought against her by the Division based upon accusations that she misappropriated customer funds and effected transactions that were not authorized. Case No. S-17-0156 (Dec. 22 2017).
According to the Notice Order, between March of 2017 to October of 2017, six transfers of funds equaling $124,402.83 had been transferred out of an account owned by an LPL Financial customer. Apparently, the customer did not know or authorize the transfers. The Notice Order indicted that Shean transferred the customer’s funds to the internal revenue service for Shean’s own personal benefit.
Oregon Division of Financial Regulation alleged that Shean’s conduct was violative of Oregon Revised Statues 59.135(2). Apparently, the Division is calling for Shean’s insurance producer, sales person and investment adviser representative licenses to be revoked, and for Shean to be assessed a civil penalty.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on February 14, 2005, a customer filed an investment related written complaint pertaining to Shean’s conduct, where the customer requested more than $5,000.00 in damages supported by accusations that Shean misstated the value in which the customer’s 401(k) mutual fund transactions would be executed.
On November 2, 2017, Shean was fired from LPL Financial founded on allegations that she admitted to the firm that funds of an LPL Financial LLC customer had been accessed and ultimately utilized by Shean for Shean’s personal benefit.
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