On October 7, 2021 FINRA announced that it had barred Eric Shea Hollifield, a former LPL Broker, who allegedly converted a senior client’s funds, after he refused to cooperate with FINRA’s investigation into his conduct.
According to FINRA, an investigation was launched into Hollifield after an elderly client filed an arbitration alleging Hollifield misappropriated $1,240,000. Consequently, LPL fired Hollifield on September 10 for failure to disclose an outside business activity. On October 7, 2021, FINRA filed an Letter of Acceptance, Waiver and Consent where Hollifield agreed without admitting or denying the findings of the FINRA’s investigation, to be barred from the industry. The customer’s FINRA arbitration remains pending.
This case illustrates how easily vulnerable adults can be exploited by unscrupulous professionals. If you have elderly friends or relatives who may be vulnerable, please take whatever steps you can to protect them from this type of exploitation. If you wish to discuss any securities related questions, please contact David A. Weintraub, P.A. 7805SW 6th Court, Plantation, FL 33324. By phone 954-693-7577 or 800-718-1422.