Linda Lucille Sokol Francis (also known as Linda Lucille Gundelach), of Brookfield, Illinois, a stockbroker registered with LPL Financial LLC, has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity because Francis refused to provide documents and information during a regulatory investigation. Case No. 2023077019901 (March 25, 2025).
According to the AWC, this regulatory action stems from FINRA’s investigation into the circumstances surrounding Sokol Francis’s termination from LPL Financial LLC. On June 12, 2024, LPL Financial submitted a Uniform Termination Notice (Form U5), disclosing that it had discharged Sokol Francis for exercising discretion in customer brokerage accounts without written authorization.
As part of its inquiry, FINRA requested documents and information from Francis on February 28, 2025, pursuant to FINRA Rule 8210, which obligates stockbrokers to provide information or testimony in connection with investigations. During a phone call on March 11, 2025, Sokol Francis acknowledged receipt of the request but stated that she would not comply. Her refusal to provide the requested materials constituted a violation of FINRA Rules 8210 and 2010.
FINRA Public Disclosure shows that Sokol Francis is referenced in five initiated investment related disputes concerning Sokol Francis’s conduct while associated with securities broker dealers, including Waddell Reed. On April 16, 2001, a customer filed an investment related complaint involving Sokol Francis’s conduct in which the customer requested $7,000.00 in damages based upon allegations that Sokol Francis made the unsuitable investment recommendation of mutual funds when Sokol Francis was associated with Waddell Reed. This complaint was closed with no further action taken by the customer.
On October 31, 2005, another customer filed an investment related complaint involving Sokol Francis’s conduct in which the customer requested $29,457.42 in damages based upon allegations that Sokol Francis failed to follow instructions when Sokol Francis was associated with Waddell Reed. This complaint was also closed without further action by the customer.
On June 24, 2019, another customer filed an investment related complaint involving Francis’s conduct in which the customer requested $11,458.58 in damages based upon allegations that Francis recommended a variable annuity that was not appropriate due to the customer’s age. This complaint was denied.
Francis was associated with Waddell Reed in Brookfield, Illinois from August 14, 1975 to July 21, 2021. She was associated with LPL Financial LLC in Brookfield, Illinois from July 21, 2021 to June 12, 2024.
