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December 20, 2013 at 06:06 AM
Gary J. Chackman, who was in the business for 22 years, has agreed to be barred by the Financial Industry Regulatory Authority and will face no more FINRA charges tied to his sales of nontraded REITs.
Chackman, who was affiliated with Summit Brokerage Services in March and April, spent the previous 10 years as an LPL Financial (LPLA) rep. Prior to LPL, his broker-dealer was AXA Advisors (1990-2001).
“Chackman recommended and effected unsuitable transactions in the accounts of at least eight LPL customers, overconcentrating his customers’ assets in real estate investment trusts (REITs) and other illiquid securities,” FINRA regulators said in a document they signed last week.
According to FINRA, Chackman’s record included one regulatory event, two investigations, five customer disputes, two terminations, one final disclosure event and two judgments.
FINRA documents show that LPL Financial ended its relationship with Chackman in March 2012 due to violations of policies and procedures covering alternative investments.
“When we became aware of Mr. Chackman’s activity we moved promptly to terminate him and took the necessary steps to improve systems to prevent similar misconduct in the future,” said an LPL Financial spokesperson in a statement.
