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Luke Lannister Facing Investor Allegations of Excessive Trading

Luke Lannister, a broker registered with Grove Point Investments, is the subject of an investor dispute, according to his BrokerCheck record, accessed on October 23, 2023. Investors may also have engaged his services through Waterford Wealth Management. 

On August 29, 2023, an investor alleged that Luke Lannister misrepresented a transaction-based compensation arrangement as a performance-based compensation arrangement. They further alleged that he placed discretionary trades without the client’s authorization and churned their account. The investor is seeking $150,000. 

Excessive Trading, a.k.a “Churning” 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising trading discretion in pre-approved discretionary accounts.

Background Information 

Luke Lannister has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 65 Uniform Investment Adviser Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in nine states and is a registered investment adviser in Maryland. 

Luke Lannister has registered with the following firms: 

  • Grove Point Investments (CRD #: 1763) 
  • Grove Point Advisors (CRD #: 313171) 
  • H. Beck (CRD #: 1763) 
  • Cuso Financial Services (CRD #: 42132) 
  • Capital One Investing (CRD #: 45744) 
  • NFP Advisor Services (CRD #: 42046) 

Kurta Law Can Help

If you worked with Luke Lannister and have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.