Philip John Nalesnik of Pottsville Pennsylvania a stockbroker formerly registered with LPL Financial LLC has been discharged by the firm on July 8, 2018 supported by allegations that Nalesnik engaged in outside business activities in violation of LPL Financial’s policy, and failed to be forthcoming to the firm when questioned about his activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Nalesnik has been identified in five more customer initiated investment related disputes pertaining to accusations of Nalesnik’s misconduct while employed with CCO Investment Services Corp. Particularly, on February 29, 2008, a customer filed an investment related complaint concerning Nalesnik’s activities in which the customer requested $29,777.81 in damages founded on allegations that the customer was not provided accurate information about the sales charges assessed on mutual fund transactions. On January 12, 2012, Nalesnik filed for protection from his creditors under the federal bankruptcy laws, listing among his creditors, the Woodcrest National Bank to whom he owed $1,118.00 in NSF fees for ostensibly writing bad checks.
On October 9, 2008, another customer filed an investment related complaint regarding Nalesnik’s conduct where the customer sought $11,770.51 in damages based upon accusations that the customer was not provided information about the risks pertaining to the customer’s principal when making a mutual fund purchase. Then, on May 13, 2009, a customer filed an investment related complaint involving Nalesnik’s activities in which the customer requested $180,000.00 in damages supported by allegations that unauthorized mutual fund transactions were placed in the customer’s account.
Thereafter, a customer initiated investment related arbitration claim involving Nalesnik’s conduct was resolved for $65,000.00 in damages founded on accusations of unwarranted investment losses in reference to the customer’s municipal fund investment. FINRA Arbitration No. 10-01809 (June 10, 2012). Nalesnik is also the subject of a customer initiated investment related arbitration claim where the customer was awarded $50,000.00 in damages based upon CCO Investment Services Corp. having been found liable on the customer’s claims including the violation of the Pennsylvania Unfair Trade Practices and Consumer Protection Law; breach of fiduciary duty; unsuitability; and securities fraud. FINRA Arbitration No. 10-04699 (June 20, 2012). We represented these investors in both cases.
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