Current Investigations

Laura Ortega Shean Barred by FINRA

By July 10, 2018 No Comments

Laura Ortega Shean has worked in the securities industry for twenty-one years. During that time she has been employed two different securities firms. 1996 to 1999 she worked for Merrill Lynch, Pierce, Fenner & Smith Incorporated. From 1999 to 2017, she worked for LPL Financial.

Laura Ortega Shean’s FINRA BrokerCheck report shows that she was the subject of a customer complaint back in 2005. The customer complained that their 401(K) Plan transactions were not all made NAV as represented by Ms. Shean. This case was not settled, but rather the firm simply reimbursed the customer for their losses.

Laura Ortega Shean’s BrokerCheck report also shows that she was sanctioned by FINRA in April of 2018. The FINRA findings state that Shean made tax payments for her own benefit to the IRS by withdrawing funds from one of her customer’s brokerage accounts. The payments totaled $124,000. The deceit was discovered by the member firm and the customer was fully reimbursed by having most of the payments reversed, with Shean making any additional reimbursement required. Due to her actions in this matter, Laura Ortega Shean was terminated from LPL Financial. She has also been indefinitely barred by FINRA from acting as a securities broker in any fashion.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Laura Ortega Shean, please contact Oakes & Fosher for a free and private consultation.