Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 4, 2018 indicate that Pennsylvania-based broker-dealer firm Lincoln Investment Planning was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Lincoln Investment Planning (CRD# 519).
Established in Pennsylvania in 2015, Lincoln Investment Planning is headquartered in Fort Washington, Pennsylvania and registered with 53 US states and territories. According to its BrokerCheck report, it has received six regulatory sanctions.
In September 2018 FINRA sanctioned the firm in connection to allegations it failed to implement surveillance procedures that were reasonably designed to monitor the firm’s representatives’ “rates of effecting variable annuity exchanges.” According to FINRA’s findings, the firm only engaged in tracking of exchanges where the firm was the annuity’s broker of record, and overlooked exchanges where the firm was not the annuity’s broker of record. FINRA also stated that over 50% of the ~2,800 annuity exchanges conducted by its representatives were not included in its surveillance report because of these oversights. The firm was censured and issued a fine of $35,000, in addition to correcting its surveillance report such that it includes all variable annuity exchanges.
In September 2018 FINRA sanctioned the firm in connection to allegations it “disadvantaged certain retirement plan and charitable organization customers” who were eligible to purchase Class A shares in certain mutual fund products without incurring a front-end sales charge, ultimately overcharging eligible customers “by approximately $1,167,689” for such transactions effected since January 1, 2011. The firm was censured and ordered to pay restitution to affected customers.
In 2016 FINRA sanctioned the firm in connection to allegations it failed to enforce a supervisory system and written supervisory procedures that were reasonably designed to provide for “an effective review of consolidated reports” created by firm representatives and distributed to firm customers. In connection with these allegations, the firm was censured and issued a fine of $75,000.
In 2009 FINRA sanctioned Lincoln Investment Planning in connection to allegations it failed to timely provide refunds to customers who had not received appropriate breakpoint discounts on mutual fund investments. The firm was censured and issued a fine of $15,000.
If you or someone you know has a complaint regarding Lincoln Investment Planning, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.