Paul Lebel Barred by SEC

Former LPL Financial broker, Paul Lebel was barred on Tuesday by the Securities and Exchange Commission for churning and excessively trading mutual funds in customer accounts and generating excessive fees.

Paul Lebel, was registered as a broker with LPL broker from 2008 to 2014 and during his employment allegedly defrauded four customers by churning several of their accounts.

According to the report, Lebel bought and sold mutual fund A shares, which are meant to be long-term investments, generating $50,000 in commissions.

Lebel will reportedly pay $56,500 as part of the settlement.

The document stated that Lebel’s allegedly excessive trading was inconsistent with the customers’ investment objectives, and willfully disregarded the customers’ interest.

According to FINRA BrokerCheck, Lebel was registered with Wood (Arthur W.) Company in Boston, MA from 12/2014–01/2015 and with LPL Financial in Cambridge, MA from 08/2008–11/2014. His disclosures include eight (8) reports of judgement/liens for taxes with the total amount in excess of $90,000.

Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.

If you suffered losses investing with Paul Lebel and LPL Financial, the attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637–5510.

The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group and it’s representation of investors, visit www.whitesecuritieslaw.com.


Originally published at White Securities Law.