Securities fraud attorneys are currently investigating claims on behalf of the customers of Gregory John Campbell, a former advisor for Merrill Lynch and LPL Financial. A Petition for Order to Cease and Desist, which was related to Greg Campbell of Ladue, Missouri, was recently issued by the State of Missouri.
Missouri stated that “from 2008 to 2012, Respondent Greg John Campbell made unauthorized transfers in excess of $1,500,000 from at least five client accounts. A majority of the transferred funds from these client accounts were used for Campbell’s benefit.” According to Missouri, a portion of the funds went to payments on a BMW lease and two of Campbell’s properties.
Campbell’s activity reportedly went undetected because clients stopped receiving account statements from LPL Financial and Merrill Lynch. The addresses used by the firms for mailing account statements were changed without authorization from the clients. When questioned about the changes in address, Campbell reportedly stated that “they were the result of administrative errors.”
Campbell was registered with Merrill Lynch from June 2006 through October 2011. Following his employment with Merrill Lynch, from November 2011 through November 2012, Campbell was registered with LPL Financial. LPL Financial and Merrill Lynch were obligated to adequately supervise Campbell’s activities under Financial Industry Regulatory Authority Rules while he was registered with them.
If you suffered significant losses as a result of the actions of Gregory Campbell or have another reason to believe you were the victim of securities fraud, you may have a valid securities arbitration claim. To find out more about your legal rights and options, contact a stock fraud lawyer at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.