Angelo Talebi, of Sherman Oaks, California, a stockbroker formerly registered with LPL Financial Services, was terminated from employment on September 14, 2016, based upon allegations of his misconduct in the handling of his business activities.
Less than a year prior to Talebi’s termination, he was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that while associated with Royal Alliance, he effected trades on a discretionary basis in a customer’s outside investment accounts without having disclosed his activities to his firm. Letter of Acceptance, Waiver and Consent, No. 2014042834201 (Dec. 11, 2015). FINRA found that Talebi’s conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 3050(c).
FINRA Public Disclosure reveals that Talebi has been identified in twenty-nine customer initiated investment related disputes containing allegations of his misconduct while he was employed with LPL Financial, LLC, Royal Alliance, Woodbury Financial Services, Inc., and Quest Capital Strategies, Inc. Specifically, on August 7, 2014, a customer initiated investment related arbitration claim involving Talebi’s conduct was settled for $35,000.00 in damages based upon allegations that he made misrepresentations to the customer concerning the fees, surrender penalties, and features that pertained to variable annuity products, and effected unsuitable annuity purchases.
Subsequently, on April 16, 2015, a customer initiated investment related written complaint regarding Talebi’s activities was resolved for $78,606.00 in damages based upon allegations that Talebi made misrepresentations to the customer and unsuitable recommendations in reference to Leaf Equipment Finance Fund 4 and KBS I Real Estate Investment Trust.
Moreover, on September 29, 2015, a customer filed an investment related written complaint involving Talebi’s conduct, where the customer sought $400,000.00 in damages supported by allegations that Talebi inappropriately utilized the customer’s margin to effect transactions, traded direct investment programs and equities excessively, and placed transactions in the customer’s account that were neither suitable nor represented correctly.
Furthermore, on January 26, 2016, a customer initiated investment related written complaint regarding Talebi’s activities was resolved for $50,000.00 in damages based upon allegations of unsuitability and misrepresentation in reference to the customer’s limited partnership fund investment. Talebi has also been named in a customer initiated investment related arbitration claim on March 24, 2017, in which the customer requested $100,000.00 in damages based upon allegations that he induced the customer’s investment purchases by making misrepresentations.
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