Former LPL Financial Broker Garrett Aherns Sanctioned Over False Account Statements

by Gray on November 17, 2015

in Uncategorized

According to the Financial Industry Regulatory Authority (FINRA) former LPL Financial, LLC (LPL Financial) Broker Garrett Aherns (Aherns) has been fined because of allegations he used false and misleading consolidated reports with clients. In addition, Aherns has had at least two (2) customer complaints made against him. The customer complaints reportedly concern allegations that Aherns made unsuitable investment recommendations, misrepresentations, breach of fiduciary duty and negligence.

15.11.17 flying money

Aherns has spent 30 years in the securities industry. Aherns was registered with Balentine & Company in Atlanta, Georgia from 1996-1998 ; Edward D. Jones & Company in St. Louis, Missouri from 1989-1996; and most recently with LPL Financial from 1998-2015. Aherns is not currently registered with any firm.

An investigation by FINRA revealed that between January 6, 2011 and July 7, 2013, Aherns allegedly prepared a total of 65 consolidated reports that inaccurately reflected the value and performance of his clients’ investments including private placements and non-traded real estate investment funds (REITs). Customers may have difficulty in assessing the value of such investments because non-traded REITs and private placements are not listed on any stock exchange and transactions in such securities are typically not publicly reported.

In one complaint against Aherns 2013, a customer alleged Aherns made unsuitable recommendations in limited partnerships and REITs. The case reportedly settled in 2014 for $97,500. In another complaint in 2010 a customer alleged Ahrens breached his fiduciary duty, breached contract, acted negligently, misrepresented material facts, violated state and federal statutes, and recommended an unsuitable investment in REITs. The case reportedly settled in 2011 for $875,000.

If you believe you have been the victim of stockbroker misconduct, you may wish to consult an attorney to find out more about your legal rights and options. Investors may contact a securities arbitration attorney at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.

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