Former LPL Financial Broker Alberto Neira
As a result, millions of dollars of client assets with LPL was transferred out to Silver Oak apparently without raising any red flags from the compliance department at LPL. All broker/dealers have legal obligations to properly supervise their brokers conduct; however, it appears from the facts publicly available that LPL should have been aware of what Neira was doing, but failed to act to correct the improper behavior and prevent further instances and customers from being affected. Moreover, the complaints customers have levied against Neira are not isolated to the Silver Oak company investments. Other customers have alleged that much of the other investment advice given by Neira was unsuitable and caused massive losses in savings.
Most of the time when a broker acts so clearly outside the bounds of industry standards and requirements, as Neira did here with recommendations to invest in Silver Oak, that broker is behaving improperly in many other client accounts as well. Although LPL terminated Neira in January 2011, and Neira has been permanently barred from the securities industry since November 2012, LPL may still be responsible for losses caused by inappropriate recommendations and sales by Neira before his termination. If you are a former customer of Alberto Neira, contact the law firm Shepherd, Smith, Edwards & Kantas LLP for an evaluation of your account to determine if LPL might be responsible to compensate you for any losses you suffered. All case evaluations are done without charging any fees or without any obligation.