Securities Arbitration Lawyers BlogFormer South Florida-based LPL Financial Broker Pedro O. Diaz Under Investigations After Termination from LPL Financial
Silver Law Group is investigating former Coconut Creek, Florida-based LPL Financial broker Pedro O. Diaz (CRD# 4877003) after LPL Financial discharged him for short-term trading in mutual funds. Short-term trading in mutual funds, according to Diaz’s FINRA BrokerCheck report, a violation of LPL Financial’s policies.
LPL Financial had employed Diaz since March 2010 and terminated him in December 2017. Now, Newbridge Securities Corporation employs Diaz at its Boca Raton, Florida branch.
Diaz, who has been in the securities industry at South Florida brokerage firms for 12 years, also is an insurance agent. Diaz sells fixed annuities and spends 10 percent of his time doing so.
Mutual Funds and Rules Regulating Transactions
Mutual funds are built to be long-term investments, and short-term trading of them can deteriorate the returns of remaining shareholders. Some mutual funds charge early redemption fees or may bar shareholders entirely who trade its fund in the short term. If a broker sells within a restricted period set by the mutual fund, it can incur significant fees, which can cause an investor to make no profit or, worse, incur a loss.
Investors should be wary of their confirmation statements; notifications sent electronically or through the mail informing them of their transactions. Investors should also ask about fees concerning their investments to ensure they’re not paying more than they should. These questions will also alert customers to any securities misconduct, such as short-term trading of mutual funds.
Contact Our Firm if You’ve Invested with Pedro O. Diaz and LPL Financial
Our firm has a wealth of experience representing investors who have suffered losses at the hands of brokers and brokerage firms. We combine that experience with an ardent passion for pursuing claims against broker and brokerage firm misconduct. If you’ve incurred losses through a broker and brokerage firm, you have options to try and recover.
If you have invested with Pedro O. Diaz and have suffered losses, contact our firm to discuss your options.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.