Goodman & Nekvasil P.A., May Recover Investor Losses on Real Estate Investment Trusts – Gary Joel Chackman (Gary Chackman) Fired by Summit Brokerage Services, Inc., LPL Financial LLC and Barred from Securities Industry
From 2012 until Gary Chackman’s firing in 2013, Gary Chackman was licensed with Summit Brokerage Services, Inc. Gary Chackman was previously licensed with LPL Financial LLC and is now licensed with Heritage Capital LLC. According to FINRA’s records, Gary Chackman was fired by Summit Brokerage Services, Inc. on April 3, 2013. Summit Brokerage Services, Inc. reported to FINRA that Gary Chackman was discharged after Summit Brokerage Services, Inc. became aware that Gary Chackman was operating out of an unregistered location. Gary Chackman was previously fired by LPL Financial LLC on February 23, 2012. LPL Financial LLC reported to FINRA that Gary Chackman was terminated for violation of LPL policies and procedures relevant to the sale of alternative investments.
Subsequent to Gary Chackman’ firings by Summit Brokerage Services, Inc. and LPL Financial LLC, FINRA investigated Gary Chackman and brought a disciplinary action against Gary Chackman. Gary Chackman was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on December 13, 2013. FINRA reports that Gary Chackman consented to the sanction and to the entry of findings that Gary Chackman recommended Real Estate Investment Trusts (REITS) and other alternative investments to Gary Chackman’s member firm customers. According to FINRA, the investments were purchased at periodic intervals in each of their accounts. FINRA reports that to evade the firm’s limitation on the concentration of alternative investments in customers’ accounts, Gary Chackman regularly misidentified his customers’ purported liquid net worth on a required firm form, the alternative investment purchase form.
FINRA also reports that the SEC is currently investigating Gary Chackman relating to non-traded REITS sold by Gary Chackman.
FINRA reports that six complaints involving Gary Chackman’s conduct with LPL Financial LLC were filed alleging unsuitable investments and/or misrepresentation. These complaints settled for $461, 947.50, $200,000, $199,880, $102,753, $85,000, and $84,976.16.
If you lost any money on Real Estate Investment Trusts with Gary Chackman while Gary Chackman was employed with Summit Brokerage Services, Inc., LPL Financial LLC, and/or Heritage Capital LLC, you may be able to recover your losses from Summit Brokerage Services, Inc., LPL Financial LLC, and/or Heritage Capital LLC. This is because Summit Brokerage Services, Inc., LPL Financial LLC, and Heritage Capital LLC had a duty to supervise Gary Chackman.
If you lost money on Real Estate Investment Trusts with Gary Chackman 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 Summit Brokerage Services, Inc., LPL Financial LLC, and/or Heritage Capital LLC concerning Gary Chackman’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.
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 $170 million on behalf of victimized investors. If you lost money on Real Estate Investment Trusts with Gary Chackman 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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