Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 23, 2016 indicate that former Massachusetts-based LPL Financial broker Gerard Fagnant has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Fagnant (CRD# 1886886).
Gerard Fagnant has spent 26 years in the securities industry and was most recently registered with LPL Financial in Leominster, Massachusetts (2011-2015). Previous registrations include Ameriprise Financial Services in Leominster, Massachusetts (1988-2011) and IDS Life Insurance Company in Minneapolis, Minnesota (1988-2006). He is currently not registered with any state or firm.
According to his BrokerCheck report, Gerard Fagnant has received one customer complaint, one pending customer complaint, and one regulatory sanction.
In April 2016, FINRA sanctioned Gerard Fagnant following allegations he “improperly accepted five loans totaling $325,000” from customers of his member firm, LPL Financial, without notifying or receiving approval from the firm. According to FINRA records: “The findings stated that of the $325,000 loaned to Fagnant, the customers obtained $300,000 from their brokerage account. The customers wrote five checks to Fagnant, which he then deposited into his personal bank account held outside of the firm. The findings also stated that after a few months, Fagnant ceased making interest only payments to the customer and to date the principal balance remains outstanding. The findings also included that Fagnant’s firm’s written policies and procedures precluded him from accepting such loans and he falsely represented on two firm compliance questionnaires that he was in compliance with the firm’s policies and procedures concerning lending arrangements and promissory notes.” Mr. Fagnant was permanently barred from the securities industry.
In May 2015, a customer alleged that Gerard Fagnant, while employed at Pinnacle Private Wealth RIA, recommended they invest in a promissory note that was never repaid. The customer is seeking $368,750 in damages in the pending complaint.
In 2009, a customer alleged that Gerard Fagnant, while employed at Ameriprise Financial Services, failed to add a ride to his annuity. The complaint settled for more than $8,200.
If you have lost money investing with Gerard Fagnant, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.