MICHAEL SHANE PATTON is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 3008 E. CUMBERLAND ROAD, BLUEFIELD, WV, 24701.
MICHAEL SHANE PATTON has worked at LPL FINANCIAL LLC since September 16, 2013
MICHAEL SHANE PATTON has 1 Disclosure Event(s).
Date: January 06, 2017 Category: Customer Dispute Allegations: VIOLATION OF FEDERAL SECURITIES LAWS, VIOLATION OF VIRGINIA SECURITIES LAWS, VIOLATIONS OF WEST VIRGINIA SECURITIES ACT, BREACH OF CONTRACT, BREACH OF FIDUCIARY DUTY, NEGLIGENCE AND GROSS NEGLIGENCE. Damage Amount Requested: $203,643.45 Settlement Amount: $142,000.00 Broker Comment: THE CLAIM LISTED IS A CLAIM AGAINST PREVIOUS BROKER DEALER. CLAIMANT FILED A CLAIM FOR A BOND THAT WAS PURCHASED WHERE THE ISSUER FILED BANKRUPTCY YEARS LATER, RESULTING IN A LOSS TO THE CLAIMANT. I WAS AN ASSISTANT TO THE ADVISOR AND WAS LISTED IN THE SUIT. SINCE THE CLAIM WAS AGAINST THE BROKER DEALER I HAD NO INVOLVEMENT IN SETTLING THE CLAIM WITH THE CLAIMANT. IT IS MY UNDERSTANDING THAT A SETTLEMENT WAS PAID TO AVOID LITIGATION COSTS. FROM MY KNOWLEDGE OF THE CLAIM, AND IN MY OPINION, NO AMOUNT SHOULD HAVE BEEN PAID REGARDLESS OF THE COSTS INVOLVED IN LITIGATION AS I FEEL THE ACCUSATIONS MADE IN THE CLAIM WERE WITHOUT MERIT. AMOUNT REFLECTED UNDER INDIVIDUAL CONTRIBUTION IS AMOUNT THE FA IS REQUIRED TO PAY PURSUANT TO CONTRACT SIGNED BY INDIVIDUAL. THIS AMOUNT MAY BE REDUCED BY ERRORS AND OMMISSIONS INSURANCE PENDING A FINAL DETERMINATION BY THE E&O COMMITTEE AS TO COVERAGE.
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