Cheryl Stallings, Financial Advisor Cheryl Stallings Barred from Securities Industry
Goodman & Nekvasil P.A., May Recover Investor Losses | Cheryl Stallings, Financial Advisor Cheryl Stallings Barred from Securities Industry
Cheryl Stallings CRD #1162913
Cheryl Stallings was a formerly licensed financial advisor with Kestra Investment Services, LLC and LPL Financial LLC. FINRA reports that Cheryl Stallings was discharged from LPL Financial LLC on July 6, 2017. LPL Financial LLC reported to FINRA that Cheryl Stallings allegedly violated Firm policy regarding fiduciary capabilities and being a joint owner on two different client banking accounts.
FINRA also reports that Cheryl Stallings was barred from the securities and investment banking industry on November 19, 2018. FINRA reports that Cheryl Stallings consented to the sanction and to the entry of findings that Cheryl Stallings circumvented her member firm's supervisory system and procedures and prevented the firm from properly supervising her by failing to disclose that Cheryl Stallings was named as power of attorney for a firm customer, had custody of two firm customers' bank accounts, and was named as successor trustee and beneficiary of a firm customer's trust. The findings stated that because the two firm customers designated Cheryl Stallings as their transfer-on-death beneficiary to their accounts, upon the customers' deaths, more than $60,000 passed to Cheryl Stallings from the customers' bank accounts. In addition, because one of the two customers appointed Cheryl Stallings as successor trustee over the customer's living trust and named Stallings as a beneficiary of the trust granting her a $248,000 payment from the trust. Moreover, according to FINRA, the firm's supervisory procedures strictly prohibited registered representatives from taking custody of money, or other property belonging to others. Additionally, according to FINRA, its procedures provided that registered representatives should not be listed on a (non-family) transfer-on-death account. According to FINRA, If the client is still alive, the advisor should remove himself or herself as beneficiary immediately. Further, according to FINRA, the firm's supervisory procedures required that its registered representatives request and obtain approval prior to acting as a power of attorney for a firm customer. The findings also stated that Cheryl Stallings improperly used approximately $5,300 of a firm customer's funds to pay for her personal expenses rather than return the funds (dividends and interest) to the beneficiaries of the brokerage account. The findings also included that Stallings made false statements and misrepresentations to her firm on annual compliance questionnaires, falsely stating Cheryl Stallings had not been granted control over any customer assets and falsely denying Cheryl Stallings had been granted any power of attorney over a firm customer, and on a request form to act as trustee.
If you lost any money on investments with Cheryl Stallings, you may be able to recover your losses from LPL Financial LLC and/or Kestra Investment Services, LLC. This is because LPL financial LLC and Kestra Investment Services, LLC had a duty to supervise Cheryl Stallings.
If you lost money on investments with Cheryl Stallings and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Kestra Investment Services, LLC and/or LPL Financial LLC concerning Cheryl Stallings’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Cheryl Stallings and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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