Tr?id=566623520170033&ev=PageView&noscript=1

Ä¢¹½´«Ã½

Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

Posted on July 26th, 2024 at 9:01 AM
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

From the desk of Jim Eccleston at Ä¢¹½´«Ã½

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

Lamkin, through his firms Lamkin Ä¢¹½´«Ã½alth Management and Louisville Ä¢¹½´«Ã½alth Management (collectively, LWM), alleges that LPL conspired with three LWM employees to take their clients, effectively reducing LWM’s managed assets from $450 million to zero in one day. Financial Planning reports that Lamkin’s firms were affiliated with LPL from 2001 until September 2018.

The complaint states that the dispute began when Lamkin expressed concerns about LPL’s failure to properly vet transactions made by another LWM advisor, Don Woods.

According to Financial Planning, Woods was fined $10,000 by FINRA for allegedly inflating client assets on applications for real estate investment trusts. Lamkin claims his attempts to protect clients from these transactions led to bad blood between LPL and LWM, making his firm a target for LPL.

Lamkin began searching for a new broker-dealer in 2017, during which time he alleges that three employees—Jonathan Upton, Gregory Smith, and Bruce Lindsay—assured him they would remain with LWM. However, Lamkin claims the trio, with LPL’s support, planned to steal LWM’s clients. LPL terminated its relationship with Lamkin in August 2018. On December 5, 2018, Lindsay, Smith, and Upton left LWM without notice, leading to the dramatic loss of managed assets.

Lamkin is seeking $10 million in compensatory damages and $10 million in punitive damages.

 

Ä¢¹½´«Ã½ LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

1786734880 Law
August 14, 2026
Cash Sweep Litigation Continues to Drive Legal Costs

Cash sweep litigation continues to increase legal costs for wealth management firms despite the Securities and Exchange Commission's (SEC) decision under the Trump administration to close pending investigations without imposing enforcement penalties, according to AdvisorHub.

1786636784 Law
August 13, 2026
FINRA Orders Centaurus Financial to Pay $1.1 Million Over Variable Annuity Supervision Failures

The Financial Industry Regulatory Authority (FINRA) has ordered Centaurus Financial Inc.

1786553985 Law
August 12, 2026
Proposed FINRA Enforcement Reforms Draw Mixed Reactions From Industry Participants

A new report recommending changes to the Financial Industry Regulatory Authority's (FINRA) enforcement program has generated mixed reactions from investor advocates, securities attorneys and industry professionals, according to ThinkAdvisor.