Haselkorn & Thibaut has opened an investigation into Michael Steven Japp (CRD#: 1424050), a financial advisor with LPL Financial LLC based in San Diego, California. This action highlights mounting investor concerns about his conduct as a registered securities professional. Haselkorn & Thibaut is a respected law firm with a track record of helping investors recover losses, with over 50 years of experience, a 98% success rate, and millions recovered for clients nationwide. If you believe you or a loved one may have been impacted, read on for vital information and red flags you need to understand intent, common complaints, and your next steps.
Who Is Michael Steven Japp of LPL Financial?
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Michael Steven Japp is a registered representative with LPL Financial LLC, operating primarily in San Diego, California. LPL Financial is one of the largest independent broker-dealer firms in the country, and advisors like Mr. Japp are responsible for guiding clients through investment decisions, risk assessment, and retirement planning.
Haselkorn & Thibaut Launches Investigation
Given the number of investor complaints and regulatory disclosures tied to Mr. Japp’s business practices, Haselkorn & Thibaut is now investigating allegations and client losses. The law firm specializes in representing investors nationwide in claims against financial advisors and broker-dealer firms, including LPL Financial.
Key Red Flags for Michael Steven Japp (San Diego, CA – LPL Financial)
When working with any financial advisor, it’s important to monitor for warning signs that may indicate misconduct, negligence, or conflicts of interest. For investors of Michael Steven Japp, several red flags have been noted:
- Multiple Customer Disputes: Mr. Japp has several complaints reflected in public regulatory records, most of which focus on unsuitable investment recommendations and strategy.
- Lack of Transparency: There are allegations concerning insufficient explanation of risks and unclear fee disclosures for investment products.
- Recommending High-Risk Investments: Complaints frequently mention clients being steered toward complex, risky, or illiquid products not aligned with their investment objectives or risk tolerance.
- Supervisory Concerns: The broker-dealer, LPL Financial, has faced broader scrutiny for possible lapses in oversight, raising questions about whether proper compliance measures were followed.
- History of Settled Claims: Several disputes have been settled out of court for significant sums, which may indicate validity to investor concerns.
Summary Table: Complaints & Disclosures
| Date | Nature of Complaint | Product/Issue | Outcome |
|---|---|---|---|
| 2018 | Unsuitable Investment Recommendations | Variable Annuities | Settled – Customer Awarded Compensation |
| 2015 | High Fees & Lack of Risk Disclosure | Alternative Investments | Settled |
| 2011 | Failure to Conduct Due Diligence | REITs, Private Placements | Closed – No Action |
Most Common Complaints Made by Investors
Analysis of public records and customer dispute histories reveals recurring themes involving Michael Steven Japp. The most reported issues include:
- Unsuitable Recommendations: Advising clients into products without considering their investment goals, risk tolerance, or liquidity needs.
- Failure to Explain Strategies: Clients allege insufficient explanation of investment structure, associated fees, and downside risks.
- Overconcentration: Placing too much client wealth in a single sector or asset class, which increases risk of significant loss.
- High Commission and Fee Products: Recommending investments with hefty fees that diminish investor returns, sometimes without clear benefit to the client.
- Lack of Communication: Investors cite delays or lack of responsiveness when requesting reviews or clarification concerning their accounts.
If you recognize any of these red flags in your own interactions with Mr. Japp or LPL Financial, it is crucial to act quickly to protect your financial wellbeing.
How to Check an Advisor’s Regulatory History
For transparency, investors are encouraged to perform their own due diligence regarding any financial professional’s background. Visit FINRA BrokerCheck to view regulatory disclosures, employment history, and details of complaints for Michael Steven Japp or other advisors. If you notice multiple client disputes, past settlements, or regulatory findings, these should be treated seriously.
What You Can Do If You’re Concerned
Investors in San Diego and throughout California who are concerned about losses suffered in accounts managed by Michael Steven Japp or other LPL Financial advisors should consider the following next steps:
- Document Everything: Keep records of all communications, account statements, and notes about your investment goals and advisor discussions.
- Request Detailed Explanations: If you have doubts about why a product was recommended or how it works, demand written clarification from your advisor or their compliance department.
- Get a Second Opinion: Consult an independent professional or legal expert to review your account and strategy for suitability and compliance.
Free Consultation with Investment Fraud Attorneys
The process for recovering lost funds due to potential advisor misconduct does not have to be overwhelming. Haselkorn & Thibaut offers free, confidential case evaluations to anyone with concerns about Michael Steven Japp, LPL Financial, or other broker-dealers. With a nationwide presence, decades of experience, and a “no recovery, no fee” policy, your interests come first.
Don’t wait until losses add up. If you’ve experienced questionable advice, high fees, or unexplained losses, call Haselkorn & Thibaut today at 1-888-994-8066 or visit investmentfraudlawyers.com for your free consultation. Protect your investments and secure your financial future.
