Goodman & Nekvasil P.A., May Recover Losses on Promissory Notes or Other Investments – Gerard Anthony Fagnant (Gerard Fagnant) a/k/a Gerad Anthony Fagnant of LPL Financial LLC Barred from Securities Industry
Gerard Fagnant was licensed with LPL Financial LLC from 2011 to 2015. Gerard Fagnant was previously licensed with Ameriprise Financial Services, Inc. Gerard Fagnant was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on April 19, 2016. FINRA reports that Gerard Fagnant consented to the sanction and to the entry of findings that while associated with a firm, Gerard Fagnant improperly accepted five loans totaling $325,000 from firm customers with notifying or receiving approval from Gerard Fagnant’s firm. The findings stated that of the $325,000 loaned to Gerard Fagnant by customers “CA” and “JA”, a married couple, the customers obtained $300,000 from their brokerage account. According to FINRA, the customers wrote five checks to Gerard Fagnant, which Gerard Fagnant then deposited into Gerard Fagnant’s personal bank account held outside of the firm. The findings also stated that after a few months, Gerard Fagnant ceased making interest only payments to the customer and to date the principal balance remains outstanding. The findings also included that Gerard Fagnant’s firm’s written policies and procedures precluded Gerard Fagnant from accepting such loans and Gerard Fagnant falsely represented on two firm compliance questionnaires that Gerard Fagnant was in compliance with the firm’s policies and procedures concerning lending arrangements and promissory notes.
FINRA reports that two complaints involving Gerard Fagnant’s conduct with Ameriprise Financial Services, Inc. and a prior employer were filed, alleging Gerard Fagnant failed to add a rider to a client’s annuity and/or that Gerard Fagnant recommended customers invest in a private promissory note which was subsequently never repaid. Both claims settled, with the larger claim settling for $217,500.
If you lost any money on promissory notes or other investments with Gerard Fagnant, you may be able to recover your losses from Ameriprise Financial Services, Inc. and/or LPL Financial LLC. This is because Ameriprise Financial Services, Inc. and LPL Financial LLC had a duty to supervise Gerard Fagnant.
If you lost money on investments with Gerard Fagnant 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 Ameriprise Financial Services, Inc. and LPL Financial LLC concerning Gerard Fagnant’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 $300 million on behalf of victimized investors. If you lost money on investments with Gerard Fagnant, or if funds were misappropriated from you 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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