BOCA RATON, Fla., Dec. 1, 2011 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes ("K&T"), www.nasd-law.com, announced today that it is currently investigating securities arbitration claims against LPL Financial ("LPL") on behalf of customers of a former LPL broker, Jack Kleck ("Kleck"). Last week, the Oregon Department of Consumer and Business Services entered into a consent order with LPL and fined the brokerage $100,000 for failing to properly supervise Kleck.
According to the State of Oregon, "Jack Kleck, branch manager for LPL Financial in La Grande, sold investments in high-risk oil and gas partnerships to nearly three dozen Oregon residents, including many elderly people. The partnership interests were not suitable investments for Kleck's clientele, given their age and investment objectives." Further, Oregon determined that, "LPL Financial, a licensed firm in Oregon, violated several securities laws, such as failing to diligently supervise the actions of its broker and failing to ensure company policies and procedures were enforced. Many of Kleck's clients were in their 70s and 80s, and some were not capable, due to poor health, of making sound investment decisions."
Investors who held accounts with LPL and Jack Kleck and sustained investment losses can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered significant losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you sustained investment losses by investing with LPL and Jack Kleck, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956 or visit us on the web at http://www.nasd-law.com