On April 19, 2016, the Financial Industry Regulatory Authority accepted
the signed Letter of Acceptance, Waiver and Consent (AWC) from former
LPL Financial LLC broker Gerard A. Fagnant.
According to allegations made against Fagnant, he improperly sold promissory
notes to two customers of the firm for a combined amount of $325,000.
He was also accused of providing false information in response to LPL
The AWC states that Fagnant orchestrated the liquidation of $281,203 of
securities in the customers’ accounts. Afterwards, the two customers
allegedly loaned Fagnant $325,000 in exchange for a promissory note providing
a return of 3% per month for 24 months.
As a result of the AWC, Fagnant also consented to a permanent bar from
associating with any FINRA member firm in any capacity.
If you lost money with former LPL Financial broker Gerard A. Fagnant, call
our firm today. Our securities fraud lawyers at Meyer Wilson are investigating
potential claims against Fagnant. You may be able to recover your losses. You can
schedule a free consultation to discuss your options.