Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Clifton Roberts (Roberts), formerly associated with LPL Financial LLC (LPL Financial) in Houston, Texas was terminated for cause by LPL Financial in April 2018 after the firm made allegations that Roberts violated of firm policy regarding outside business activities (OBAs).
At this time it is unclear the nature or scope of the alleged OBAs that Roberts was involved in. According to Roberts’ public diclsoures the broker was part of number of OBAs including IDLife, Ursus Wealth Management – a d/b/a entity for his LPL Financial business, Ursus and Company – a real estate management and construction company which Roberts claims is not investment related. In addition, an unnamed business for insurance is listed. It is unknown whether LPL’s claims relate to any of these entities.