Unsuitable Investments

Karl Horace Romero of Santa Ana California a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $250,000.00 in damages based upon accusations that the customer received recommendations that were not suitable concerning limited partnership interests. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-02656 (Sept. 20, 2016).

FINRA Public Disclosure reveals that Romero has been referenced in fifteen more customer initiated investment related disputes pertaining to allegations of Romero’s misconduct during the time that he was employed LPL Financial LLC and Financial Network Investment Corp. In particular, a customer initiated investment related arbitration claim involving Romero’s conduct was resolved for $160,000.00 in damages founded on accusations that fiduciary duties owed to the customer had been breached, the customer’s account was handled in a negligent manner and misrepresentations had been made to the customer concerning the LaeRoc Income Fund. FINRA Arbitration No. 13-03410 (Jan 7. 2015).

Further, a customer initiated investment related arbitration claim that concerned Romero’s activities was settled for $115,000.00 in damages founded on allegations including breach of fiduciary duty and negligence concerning the customer’s investment in LaeRoc Income Fund. FINRA Arbitration No. 13-03575 (Jan. 18, 2015). Then, a customer initiated investment related arbitration claim regarding Romero’s conduct was resolved for $14,999.00 in damages based upon accusations that unsuitable alternative investment transactions were effected in the customer’s account. FINRA Arbitration No. 13-02768 (May 21, 2015).

On August 6, 2015, another customer filed an investment related complaint regarding Romero’s conduct in which the customer sought $125,000.00 in damages based upon allegations that Romero made inappropriate investment recommendations to the customer concerning mutual funds, equities and limited partnership products. Then, a customer filed an investment related arbitration claim involving Romero’s conduct where the customer requested $350,000.00 in damages founded on accusations that the customer’s sustained equity losses due to having received inappropriate investment recommendations that were made. FINRA Arbitration No. 16-00979 (Apr. 4, 2016).

Moreover, on December 21, 2016, a customer initiated investment related complaint concerning Romero’s activities was settled for $55,000.00 in damages based upon allegations that the customer’s account was over-concentrated in equities, and that investment recommendations were unsuitable.

Romero’s registration with LPL Financial LLC was terminated on January 26, 2016.

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