Today, we need to discuss recent sanctions against LPL Financial supervisor Frank Levi Martin (also known as Frange Martin and Frangel Martinez), based in Brooklyn, New York. His activities have led to significant regulatory attention, and it’s essential for investors to be aware of these developments. At Meyer Wilson, we are committed to safeguarding the interests of investors and ensuring they are informed about updates in the securities industry.
Maryland Regulator Sanctioned Martin For Supervision Failures
On December 19, 2023, the state of Maryland sanctioned Frank Martin due to a regulatory action taken against him by FINRA. Martin faced accusations of failing to properly supervise six registered representatives under his watch. This lack of oversight reportedly resulted in excessive trading across twelve client accounts between August 2016 and July 2019.
Martin’s supervision failures were serious. They included overlooking signs of excessive or unsuitable trading, inadequately reviewing exception reports, and failing to take necessary actions to protect clients’ accounts from excessive trading. As a result of these oversights, affected clients endured a substantial financial impact, with losses amounting to $663,463 in commissions, fees, and margin interest.
This irresponsible management led to extraordinarily high cost-to-equity ratios and turnover rates within the clients’ accounts, indicating a pattern of excessive trading that was not in the clients’ best interests. Consequently, Frank Martin received a three-month suspension from associating with any FINRA member in any principal capacity, effective from November 6, 2023, until February 5, 2024.
We Have Recovered Over
$350 Million for Our Clients Nationwide.
Did You Sustain Losses at LPL Financial?
If you or someone you know has suffered investment losses because of LPL Financials’ supervisory failures, Meyer Wilson is here to help. Our experienced team has a robust history of advocating for investors’ rights and working tirelessly to recover losses. We understand the challenges you face and are ready to support you in navigating the process of potentially recovering your investment losses. You don’t have to face this alone.
Contact Meyer Wilson today at 866-938-2021 or visit us online at investorclaims.com to discuss your situation with a securities attorney. We operate on a contingency fee basis, meaning we only get paid if we recover funds on your behalf, and we advance all costs associated with your case. Remember, you have rights, and we are here to fight for them.
Written By: Courtney Werning
Recovering Losses Caused by Investment Misconduct.