Haselkorn & Thibaut Opens Investigation: Marshall B. L. Lum, Honolulu, HI—Former LPL Financial LLC Broker
Are you an investor in Honolulu or elsewhere who previously worked with Marshall B. L. Lum (CRD #3142858)? Haselkorn & Thibaut—a leading national securities fraud law firm with 50 years of experience, a 98% success rate, and millions recovered for clients—has opened an independent investigation into Marshall B. L. Lum and his activities as a financial advisor at LPL Financial LLC. If you’re concerned about your investments or how your account was handled, this research report gives you the facts—and a path forward.
Advisor Profile
| Field | Value |
|---|---|
| Advisor Name | Marshall B. L. Lum |
| CRD Number | 3142858 |
| Primary Broker-Dealer | LPL Financial LLC |
| Past Firms | Allstate Financial Services, Source Capital Group, Morgan Stanley DW Inc. |
| Location | Honolulu, HI |
Key Takeaways for Investors Working with Marshall B. L. Lum
- Not currently registered as a broker or investment advisor (as of June 2024).
- Most recent affiliation: LPL Financial LLC (2012–2025).
- Other business affiliations include mortgage and insurance sales roles in Hawaii.
- Discharged from LPL Financial in September 2025 over compliance-related allegations.
Background and Credentials
Marshall B. L. Lum, at times operating as Marshal BL Lum, was based in Honolulu, HI and maintained a lengthy career in the securities industry. His tenure included employment at some of the country’s best-known broker-dealers, highlighted by his most recent role at LPL Financial LLC from 2012 to 2025. Mr. Lum previously held licenses including Series 7, 31, 63, and 65, and also worked as a mortgage loan originator and in insurance sales.
Why Is There an Investigation Into Marshall B. L. Lum?
Haselkorn & Thibaut’s investigation was prompted by disclosures around Mr. Lum’s discharge from LPL Financial LLC in September 2025. The firm terminated Mr. Lum after alleging that he:
- Accepted instructions and orders in a custodial account without the proper authorization.
- Used an unapproved messaging application for business-related communications, which included sharing non-public customer information and trade instructions.
These types of conduct can violate FINRA Rule 2010 (which requires high standards of commercial honor and just/equitable principles of trade) and FINRA Rule 4511 (which covers proper recordkeeping), along with various SEC regulations that protect client confidentiality and require safeguarding of sensitive information.
What Does FINRA BrokerCheck Reveal? [See BrokerCheck Profile]
- As of the most recent available data (June 2024), Marshall B. L. Lum’s BrokerCheck report does not show any customer complaints, arbitrations, lawsuits, or regulatory actions.
- No SEC orders, no FINRA disciplinary actions, and no criminal disclosures are listed.
- No known regulatory or legal proceedings—but the information is constantly updated and should be checked regularly by investors.
No Lawsuits or Regulatory Actions—But Key Red Flags Remain
- Discharge by LPL Financial LLC following internal compliance review is a significant event. Even in cases where a broker does not have customer complaints, a termination for alleged violations of industry rules can carry risks to investors.
- Use of unapproved communication methods can place client confidentiality and trade instructions at risk.
- Handling of custodial accounts without proper authorization could expose clients to unauthorized transactions and losses.
Why Does This Matter for Investors?
Even though Marshall B. L. Lum’s record does not currently reflect finalized complaints or lawsuits, the fact that he was discharged for alleged policy violations—particularly relating to account handling and misuse of communications—raises legitimate concerns. Investors may not always realize irregularities have occurred until months or even years later.
If you worked with Mr. Lum or had an account at LPL Financial LLC under his advisement, it’s important to review your account statements for unauthorized activity, confirm that all instructions were followed precisely, and ensure your private information was handled securely.
Table: Red Flags & Disclosed Complaints — Marshall B. L. Lum (LPL Financial LLC)
| Event Type | Details / Disclosures |
|---|---|
| Customer Complaints | None reported as of June 2024 |
| Arbitration Filings | None reported (no known filings) |
| Regulatory Actions | None reported with FINRA, SEC, or state regulators |
| Lawsuits / Class Actions | None reported in major court dockets |
| Employment Termination | Discharged by LPL Financial LLC — September 2025 |
| Reason for Termination | Alleged unauthorized account handling, use of unapproved app, improper sharing of client/trade information. |
What Should You Do If You Have Concerns or Losses?
If you suspect that your investments were mishandled or you believe your account may have been subjected to unauthorized transactions, it is crucial to take action as soon as possible. Even if there are no current customer complaints or regulatory actions, investors have rights—and a short window in which to pursue recovery through FINRA arbitration.
How Haselkorn & Thibaut Can Help
- National securities law firm, representing investors nationwide—including those in Hawaii.
- Over 50 years combined experience, 98% success rate, and a truly “no recovery, no fee” policy.
- All consultations are confidential and completely free—there’s no obligation to move forward.
Next Steps—Free Consultation & Case Review
Don’t wait until it’s too late. If you had investments or retirement accounts with Marshall B. L. Lum—especially while he was at LPL Financial LLC—reach out today for a no-cost case evaluation. Let the professionals at Haselkorn & Thibaut independently review your portfolio and explain your legal options for possible recovery.
The sooner you act, the better your chances of understanding your situation and pursuing possible recovery. Review your account activity, stay proactive, and don’t hesitate to get the experienced help you deserve.
