FINRA Disciplines LPL Financial's Eric Savell Over Undisclosed Outside Business Activity

FINRA fined and suspended former LPL Financial broker Eric Jason Savell of the firm's Granite Bay and Roseville, California branches for participating in a private securities transaction and engaging in an outside business activity without providing notice to LPL of his participation in, nor of the compensation he received in working with an outside business.

According to AWC #2018060898601, stockbroker Savell (CRD #4182368) in discussing investment options with a customer of his at LPL informed his client that she should consider investing her money in a startup identified only as "Company X." The findings state that in the wake of this meeting, Savell's customer liquidated her LPL account through Savell and purchased securities of Company X, investing over $160,000 in the purported startup company.

The report indicates that broker Savell did not inform LPL of his participation in the customer's Company X investment.

The report also states that Savell began performing other work for Company X, receiving $10,000 per month in compensation, and that Savell likewise failed to disclose this financial and working relationship to LPL.

Savell's BrokerCheck report lists an additional investment-related business in Roseville, CA called Strategic Wealth Advisors Group, Inc.

If you have invested with ex-LPL Financial stockbroker Eric Savell or with any investment adviser or representative whose undisclosed recommendation that you invest in an outside business or whose selling away from their FINRA-member firm in contravention of industry rules has proven harmful to your investments or interests due to a conflict of interest or other unsuitable recommendation not in accordance with your investment preferences or risk tolerance level, please call our experienced FINRA arbitration attorneys at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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