FINRA fined and suspended LPL Financial broker Arthur Obermeier, formerly of LPL's Boulder, Colorado branch, for executing nearly $800,000-worth of unauthorized discretionary trades in customer accounts.
According to AWC #2019062711601, Arthur Obermeier (CRD #350245) effected six trades worth $798,000 in two LPL customer accounts without the clients' authorization or consent for the trades. The findings allege that Obermeier didn't first discuss the trades with his customers before executing the transactions.
LPL Financial discharged Obermeier in 2019 for exercising discretion in client accounts without authorization; he had worked at the firm since 2002.
FINRA's suspension wraps up a 45-year registration history for Art Obermeier, who previously settled a 1982 customer dispute alleging options losses and a 1992 arbitration award/judgment surrounding commissions and a net asset value dispute. Obermeier commented on the 1992 award, writing, "Paid $850 to settle judgment against me was unfair - but I paid anyway."
If you have invested with former LPL Financial representative Arthur Obermeier, or with any stockbroker or financial adviser who traded securities in your brokerage account without your prior written authorization, knowledge, or consent, and these trades have proven harmful to your investments or interests—perhaps due to trading losses or excessive fees, commissions, or other sales charges—please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.