JOHN M WALLINGER is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 333 N SUTTER STREET, STOCKTON, CA, 95202.
JOHN M WALLINGER has worked at LPL FINANCIAL LLC since November 29, 2017
Disclosure History
JOHN M WALLINGER has 1 Disclosure Event(s).
Date: December 26, 2012 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE VIOLATION OF SECURITIES EXCHANGE ACT OF 1934, BREACH OF FIDUCIARY DUTY AND CONSTRUCTIVE FRAUD, COMMON LAW FRAUD AND DECEIT, CALIFORNIA SECURITIES FRAUD, UNFAIR SALES PRACTICES, NEGLIGENCE AND NEGLIGENT MISREPRESENTATION, AND ELDER ABUSE. Settlement Amount: $2,600,000.00 Broker Comment: CLAIMANTS REQUESTED INVESTMENTS TO PROVIDE TAX AVOIDANCE FOR PROPERTY SALE VIA 1031 EXCHANGE TENANT IN COMMON PROPERTIES. I DIRECTED CLAIMANTS TO SEEK LEGAL AND TAX ADVICE WHICH THEY DID. ALONG WITH INDUSTRY REPRESENTATIVES A DETAILED PRESENTATION ON 1031 EXCHANGES AND TENANT IN COMMON INVESTMENTS WAS HELD FOR 11 FAMILY MEMBERS INCLUDING CLAIMANTS. OVER A PERIOD OF SEVERAL MONTHS THE CLAIMANTS AND THEIR FAMILIES DECIDED TO INVEST IN A PORTFOLIO OF PROPERTIES DIVERSIFIED GEOGRAPHICALLY AND VIA MARKET SECTOR. CLAIMANTS RECEIVED INCOME DISTRIBUTIONS FOR MANY YEARS AND TO THIS DAY SEVERAL PROPERTIES ARE PREFORMING WITHOUT INCIDENT. HOWEVER THE RECENT RECESSION THAT WAS HEAVENLY INFLUENCED BY REAL ESTATE HAD ADVERSELY AFFECTED SOME OF THE PROPERTIES, WHICH I IN NO WAY COULD CONTROL OR IMPACT. I FELL I DID MY BEST TO PREPARE, ADVISE AND PROTECT MY CLIENTS. WHILE I WAS PART OF THE SETTLEMENT WITH MY BROKER DEALER, I MAINTAIN I DID MY JOB WITH MY CLIENT'S BEST INTERESTS AT HEART AND THE LOSSES AT THE BASIS OF THIS SETTLEMENT, WERE OUT OF MY CONTROL.
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