LPL Financial Named In Securities Arbitration Alleging Churning

Eugene Theodore Smietana, of Traverse City, Michigan, a stockbroker formerly registered withEugene Theodore Smietana, has been named in a customer initiated investment related written complaint, which settled on December 7, 2015, for $87,750.00 in damages based upon allegations that Smietana effected equity trades in the customer’s account on an excessive and unsuitable basis.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Smietana has been identified in three additional customer initiated investment related disputes containing allegations of Smietana’s misconduct while employed with Prudential Securities Inc. and LPL Financial LLC. Specifically, on February 26, 2003, a customer filed an investment related complaint involving Smietana’s conduct based upon allegations that Smietana failed to execute upon the customer’s instructions to sell positions in Money Manager Portfolio.
Subsequently, on August 14, 2015, a customer initiated investment related written complaint pertaining to Smietana’s activities was settled for $74,500.00 in damages based upon allegations that Smietana excessively traded in the customer’s account, and effected unsuitable equity transactions. On December 7, 2015, another customer initiated investment related written complaint concerning Smietana’s conduct was resolved for $120,000.00 in damages based upon allegations that Smietana placed trades in the customer’s account without authorization and effected stock transactions in the customer’s account which were not suitable.
Smietana was permanently barred from associating with any FINRA member in any capacity based upon FINRA’s allegations that Smietana did not provide a response to FINRA’s information request. Case No. 2015044455901 (Dec. 21, 2015).