Laura Ortega Shean (also known as Laura O. Provost and as Laura Ortega Provost) of Medford Oregon a stockbroker registered with LPL Financial LLC has been barred from working as a stockbroker or investment adviser representative and fined $30,000.00 by Oregon Division of Financial Regulation based upon allegations which include the stockbroker’s misappropriation of a senior’s funds. Case No. S-17-0156 (Jan. 17, 2019).

According to the Division, an elderly customer’s funds had been misappropriated from her account by Shean between March of 2017 and October of 2017. The Division alleged that transactions had been effected by the stockbroker without any authorization being provided from the customer.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Shean has been barred from associating with any FINRA member in any capacity based upon findings of the stockbroker’s conversion of customer funds. Letter of Acceptance Waiver and Consent No. 2017056236901 (Apr. 3, 2018).  The findings stated that Shean made tax payments for her own benefit to the Internal Revenue Service (the IRS) by improperly directing the IRS to debit the funds from a customer’s brokerage account. The payments totaled approximately $124,000.

According to the AWC, between March of 2017 and October of 2017, the customer’s brokerage account had been debited by the IRS to make $124,000.00 in tax payments for Shean’s benefit. FINRA determined that Shean’s conduct was violative of FINRA Rules 2010 and 2150(a).

FINRA Public Disclosure indicates that Shean is also referenced in a customer initiated investment related complaint in which the customer requested damages estimated to exceed $5,000.00 supported by allegations of misrepresentations being made by the stockbroker as it pertained to the price in which transactions were executed for the customer’s employer sponsored retirement account at LPL Financial.

Shean was discharged by LPL Financial on November 2, 2017 based upon allegations of her admission of taking the customer’s funds without permission.

Tags: ,

Comments are closed.