LPL Financial Fined Over Advisor’s Fraud
LPL Financial was recently fined and sanctioned by the State of New Hampshire in connection with Dain Stokes’s fraud. According to the consent order:
- Dain Stokes was a representative at LPL from June 2009 until August 28, 2019.
- Stokes solicited LPL clients to invest in unsecured promissory notes. He told his clients that the notes were for investment opportunities in Africa.
- Stokes promised his investors high returns and represented that notable celebrities were involved in the offering. All of these claims were false.