Goodman & Nekvasil P.A, May Recover Investor Losses | Charles Lundell, Suspended from Securities Industry and Fired by First Allied Securities, Inc.
From 2008 until Charles Lundell’s discharge 2017, Charles Lundell worked for First Allied Securities, Inc. According to FINRA records, Charles Lundell was fired on March 1, 2017. First Allied Securities, Inc. reported to FINRA that Charles Lundell was fired after being accused of violating firm policy by exercising discretion in client accounts without the firm’s approval as required.
Subsequent to Charles Lundell’s firing, FINRA brought a disciplinary action against Charles Lundell in 2017. Charles Lundell consented to a 30-day suspension and a $5,000 monetary fine. FINRA reports that Charles Lundell consented to the entry of findings that Charles Lundell exercised discretion in his member firm’s customers’’ accounts when none of the customers had provided Charles Lundell with written permission to exercise discretion in their brokerage accounts. The findings state that Charles Lundell exercised discretion to purchase a total of approximately $252,912 of four NYSE-listed equity securities in the accounts of these customers, as well as selling approximately $65,788 of one NYSE-listed equity security in the account of one of these customers.
If you lost any money on investments with Charles Lundell, you may be able to recover your losses from First Allied Securities, Inc. This is because First Allied Securities, Inc. had a duty to supervise Charles Lundell.
If you lost money on investments with Charles Lundell and believe that 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 First Allied Securities, Inc., concerning Charles Lundell’s 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.
Goodman & Nekvasil, P.A. has recovered approximately $180 million on behalf of victimized investors. If you lost money on any investments with Charles Lundell 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.