Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into Richard “Rick” Leininger (CRD# 809473), a financial advisor currently registered with LPL Financial LLC in Freeport, Illinois. If you suffered investment losses while working with this advisor, you may be entitled to recover damages through FINRA arbitration.
With over 50 years of experience, a 98% success rate, and millions recovered for clients, Haselkorn & Thibaut offers free consultations to investors who believe they may have been harmed. Call 1-888-885-7162 today—there’s no recovery, no fee.
Who Is Richard “Rick” Leininger?
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Richard Leininger has spent more than five decades in the securities industry. His career spans multiple broker-dealers:
| Firm | CRD# | Years |
|---|---|---|
| LPL Financial LLC | 6413 | 2025 – Present |
| The Investment Center, Inc. | 17839 | 1991 – 2025 |
| Edward D. Jones & Co., L.P. | 250 | 1975 – 1991 |
You can verify his registration and review disclosures at FINRA BrokerCheck.
Regulatory Actions Against Richard Leininger
Public records reveal two significant regulatory actions against Leininger—one by FINRA and another by the State of Illinois.
FINRA Sanction (October 2023)
On October 19, 2023, FINRA announced that Richard Leininger consented to sanctions through a Letter of Acceptance, Waiver, and Consent (AWC). Without admitting or denying the findings, he agreed to the following:
- Mismarked 291 order tickets as “unsolicited” between September 2020 and August 2021
- The trades were actually solicited by him
- Caused his member firm to maintain inaccurate books and records
Rules Violated:
- FINRA Rule 4511 (Books and Records)
- FINRA Rule 2010 (Standards of Commercial Honor)
- Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-3
Sanctions Imposed:
- $5,000 fine
- Two-month suspension in all capacities
- Suspension period: November 20, 2023 – January 19, 2024
Illinois Securities Division Sanction (May 2024)
The State of Illinois entered a regulatory action against Leininger on May 8, 2024. State authorities found that:
- He mismarked 291 order tickets as unsolicited between September 2020 and August 2021
- This conduct caused inaccurate books and records
- He violated Section 8.E(1)(j) of the Illinois Securities Act
Illinois Sanctions:
- $1,500 monetary penalty
- Entry of a Consent Order
Why Does Mismarking Trades Matter?
This is important for investors to understand. When a broker marks a trade as “unsolicited,” it indicates the customer initiated the transaction. When trades are actually recommended by the broker but documented as customer-initiated, several problems emerge:
- Misrepresents who made the investment decision
- Affects supervisory review processes
- Creates inaccurate firm records
- Can impact liability and suitability analysis
For everyday investors, this distinction matters when determining whether recommendations were appropriate for your financial situation and risk tolerance.
Red Flags Investors Should Watch For
If you worked with Richard Leininger or any financial advisor, consider whether you experienced any of these concerns:
- Trades appearing in your account that you don’t remember authorizing
- Account statements showing activity that doesn’t match your conversations
- Investments that seemed inappropriate for your goals or risk tolerance
- Documentation that doesn’t reflect your actual relationship with the advisor
- Unexplained losses in your portfolio
Your Rights as an Investor
Broker-dealers like LPL Financial LLC have obligations to maintain accurate records, supervise their representatives, and ensure compliance with FINRA and state regulations. When these duties aren’t met, investors may have the right to pursue claims through FINRA arbitration.
Most brokerage account agreements require disputes to be resolved through arbitration rather than traditional court proceedings. This process can help you recover investment losses if you can demonstrate that your advisor’s conduct caused you financial harm.
Complete Disclosure Summary
| Type | Date | Allegation | Outcome |
|---|---|---|---|
| FINRA AWC | October 2023 | Mismarked 291 trades as unsolicited; inaccurate books and records | $5,000 fine; 2-month suspension |
| Illinois Consent Order | May 2024 | Mismarked trades; violated Illinois Securities Act | $1,500 penalty |
Contact Haselkorn & Thibaut for a Free Consultation
If you have concerns about your investments with Richard “Rick” Leininger, LPL Financial LLC, or The Investment Center, Inc., you deserve answers. Haselkorn & Thibaut (investmentfraudlawyers.com) represents retail investors nationwide in claims involving broker misconduct, unsuitable recommendations, and securities-related disputes.
With over 50 years of combined experience and a 98% success rate, the firm has recovered millions for clients across the country.
Call 1-888-885-7162 today for a free, no-obligation consultation.
Remember: No recovery, no fee. You have nothing to lose by exploring your options.
