Donald Padilla, from Alhambra, California, Subject of FINRA Complaint
Have you lost money with financial advisor Donald Padilla of Alhambra, California? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority), against Donald Padilla. FINRA suspended Padilla for 5 months from the securities industry and fined him $10,000. FINRA was investigating Padilla regarding allegations that he used email without approval from his brokerage firm, LPL Financial.
Donald G. Padilla was a financial advisor and registered representative of LPL Financial from 2009 to December 2015. He also was affiliated with Kestra Investment Services from November 2015 to March 2018 and with National Securities Corp. from April 2018 to September 2018. Padilla worked at a branch office in Alhambra, California. Padilla was allowed to “voluntarily” resign from LPL Financial, and he was terminated by another firm, Kestra Investment Services. He has also been the subject of three customer complaints.
Brokerage firms like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in California. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against LPL Financial.