Lincoln Financial Network Investment Loss Claims
| November 19, 2019
Lincoln Financial Advisors is a broker-dealer and investment advisor company that operates as a subsidiary of Lincoln National Corporation (NYSE: LNC) and its affiliates. Established in 1905, Lincoln Financial offers financial products and services such as annuities, individual and group retirement plans, life insurance and long-term care protection, and group benefits. Lincoln Financial is headquartered in Radnor, PA.
A securities brokerage firm licensed by FINRA, Lincoln Financial Advisors has a legal duty to supervise its brokers and its brokers’ recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When an individual broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor’s losses.
Though it is a historically well-known firm, Lincoln Financial Network is not beyond the reach of securities litigation attorneys. Meyer Wilson has the resources and skill to successfully conduct claims against Lincoln and firms like it because our investment loss lawyers practice exclusively in the area of securities fraud. Our attorneys develop detailed investigations that form the foundation of aggressive and successful claims. Our firm has reclaimed hundreds of millions of dollars for our clients in federal courts, state courts, and in arbitration with the Financial Industry Regulatory Authority, the American Arbitration Association, and privately. Our securities fraud lawyers even represent international clients against FINRA-licensed U.S. firms.
Lincoln Financial Network Fraud & Misconduct
Lincoln Financial has a history of fraud and misconduct. In 2010, FINRA fined Lincoln Financial $4.43 million for misconduct against 24 former clients. FINRA ruled that Lincoln Financial was liable because of negligence in failing to prevent one of its registered brokers from operating a “selling away” scheme, which is the practice of a broker selling investments not affiliated with his or her own firm. It is illegal for a broker to sell a security that is not approved for sale. The broker alleged of selling away in this case was Scott Gordon, who was eventually fired by Lincoln Financial and barred by FINRA.
In 2011, FINRA fined Lincoln Financial Securities and Lincoln Financial Advisors for failing to protect its customers’ confidential information. Over one million Lincoln Financial customers’ personal records were not safeguarded as required by the securities industry. Both FINRA and the Securities and Exchange Commission (SEC) require that brokerage firms implement policies for protecting their customers’ private information. FINRA discovered that, for over seven years, Lincoln Financial employees both current and former were able to access any customer account from any internet browser by using shared login information.
In 2013, FINRA barred Lincoln Financial Advisors broker Jeffrey Rubin of Florida from the securities industry after discovering that he made unsuitable recommendations as well as unapproved securities transactions for 31 National Football League players. Unfortunately, brokers participating in investment misconduct often target the extremely wealthy and inexperienced. These NFL athletes placed their trust in Mr. Rubin’s casino scheme and lost a collective $40 million.
Recover Your Losses Against Lincoln Financial Network
An investment fraud lawyer from Meyer Wilson can help you if you or someone you know has suffered significant financial losses due to Lincoln Financial Network misconduct. When broker-dealers participate in fraudulent practices such as margin trading, misrepresentation, Ponzi schemes and unsuitability, unassuming investors usually suffer significant financial losses. If this happened to you, then our law firm is here to help. Call a securities fraud attorney at Meyer Wilson today to learn more about how we can fight for you to recover your losses against Lincoln Financial Network.