Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on January 23, 2017 indicate that former North Carolina-based LPL Financial broker/adviser Charles Fackrell has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fackrell (CRD# 5369665).
Charles Fackrell has spent six years in the securities industry and was most recently registered with LPL Financial in Yadkinville, North Carolina (2010-2014). Previous registrations include Wells Fargo Advisors in High Point, North Carolina; Suntrust Investment Services in Yadkinville, North Carolina; and Morgan Stanley & Company in Winston-Salem, North Carolina. He is currently not registered with any state or firm.
According to his BrokerCheck report, Charles Fackrell has received two regulatory sanctions, two customer complaints, and six pending customer complaints. He has also pled guilty to fraud charges.
In March 2016 Charles Fackrell was charged with one count of felony securities fraud in the United States District Court for the Western District of California. He pled guilty. According to a Department of Justice press release in December, he was sentenced to 63 months in prison for the charge, which dealt with an alleged “$1.4 million Ponzi scheme.” According to the release: “from about May 2012 to about December 2014, Fackrell executed a Ponzi scheme using approximately $1.4 million in funds he solicited from at least 20 victim investors in Wilkes County and elsewhere. According to court records, Fackrell was a stockbroker who used his position of trust to solicit victim investors and steer them away from legitimate investments to purported investments with “Robin Hood, LLC,” “Robinhood LLC,” “Robin Hood Holdings, LLC,” “Robinhood Holdings, LLC” and related entities (collectively, “Robin Hood”). These were entities Fackrell controlled and through which he could access the victims’ funds… in an attempt to conceal his fraud, Fackrell asked a third party to destroy a computer and documents related to the Ponzi scheme, explaining that he was in trouble with the U.S. Securities and Exchange Commission.”
In 2015 a customer alleged Charles Fackrell, while employed at LPL Financial, violated securities regulatory requirements, breached his fiduciary duty, and violated securities laws. The complaint resulted in an award to the customer of more than $78,300.
In 2015 a customer alleged Charles Fackrell, while employed at LPL Financial, misrepresented material facts, recommended unsuitable investments, and misappropriated funds. The complaint resulted in an award to the customer of $119,177.
If you have lost money investing with Charles Fackrell, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.