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Phillip Loring Allegedly Failed to Act in Client’s Best Interest

Sep 6, 2022 Unsuitable Investments

Phillip Loring (CRD #: 3025625), a broker registered with LPL Financial, was involved in a recent dispute, according to his BrokerCheck record, accessed on August 19, 2022. Read on to learn more about Phillip Loring’s conduct as a broker.

Investor Disputes

On May 11, 2022, an investor alleged that Phillip Loring made mutual fund transactions that were not in her best interest and that these transactions were executed to generate commissions. These transactions allegedly occurred from January 1, 1995, to the date of filing. This dispute was denied by the firm.

However, investors should know that firms can deny disputes without an outside review, and investors can still seek out FINRA arbitration after a denial.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their client’s best interests first. For example, brokerage firms must conduct due diligence when researching and recommending investments and disclose any conflicts of interest they may have in these transactions.

Background Information

Phillip Loring 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

Phillip Loring is a registered broker in 28 states and a registered investment adviser in ten states.

He has also worked for the following firms:

  • Waddell & Reed (CRD#:866)
  • Wells Fargo Advisors (CRD#:19616)
  • A. G. Edwards & Sons (CRD#:4)
  • UBS Painewebber (CRD#:8174)

Kurta Law Can Help

If you worked with Phillip Loring and you 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 and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means the firm only earns a fee if our securities attorneys recover money on your behalf.