Haselkorn & Thibaut, P.A., operating as Investment Fraud Lawyers, has opened an independent investigation into Philip Joseph Griggs (CRD #4440889), a former broker most recently associated with LPL Financial Corporation in Dallas, Texas. Our attorneys bring more than 95 years of combined securities law experience, a 98% success rate across hundreds of investor claims, and an insider’s perspective as former Wall Street defense lawyers. If you are an investor with concerns about Griggs’s conduct or believe your account suffered losses, keep reading—your recovery options may be broader than you realize.
Why Are We Investigating Philip Joseph Griggs in Texas?
We regularly open inquiries into brokers who display a pattern of investor complaints, disclosure events, or potential regulatory violations. Philip Griggs’s FINRA BrokerCheck report raises several notable red flags. These may impact your potential for recovering lost funds, especially if you invested through LPL Financial Corporation or any of the other firms where he was registered, including Edward Jones and Woodbury Financial Services, Inc.
Our efforts center around the following key concerns:
– Recent discharge from LPL Financial Corporation on April 4, 2026, for an alleged failure to report felony criminal charges and a civil judgment
– Multiple judgment/lien disclosures, including IRS tax liens in substantial amounts
– Prior customer complaints, arbitrations, and suitability-related internal reviews
– Potential issues with regulatory filing accuracy and commercial honor, which are governed by FINRA Rule 1122 and Rule 2010
Below is a detailed, investor-focused review that summarizes everything we know and why it matters—and the steps you can take to seek recovery for any financial losses.
Philip Griggs’s Broker Profile & Regulatory Background
Based on public records and BrokerCheck as of June 18, 2026, Philip Griggs is no longer registered as a broker. His tenures include reputable firms like LPL Financial in Dallas, Texas, and prior roles at Edward Jones, Hornor, Townsend & Kent, Inc., Woodbury Financial Services, Inc., and Fox & Company Investments Inc. Despite passing Securities Industry Essentials (SIE), Series 7, Series 24, Series 63, and Series 65 exams, he now carries several notable disclosures.
Disclosure Type | Date | Summary
Employment Separation | April 4, 2026 | LPL Financial Corporation fired Griggs over failure to report felony charges and a civil judgment. Product type was listed as “no product.”
Judgment/Lien | September 4, 2025 | IRS tax lien for $96,765.47 reported. U.S. District Court for the Northern District of Texas listed.
Judgment/Lien | September 4, 2025 | IRS tax lien for $241,636.58 reported. Same federal court in Dallas, Texas.
Regulatory Disclosure | July 2020 | Received Letter of Caution from FINRA for untimely Form U4 amendment after employment change.
Internal Suitability Referral | November 2021 | LPL Financial reviewed variable-annuity recommendations. Case closed, no complaint or fine.
Summary of Complaints and Disputes Against Philip Griggs
Customer complaints and regulatory matters provide important signals for investors evaluating the risks of past account management by Griggs—particularly for those served by LPL Financial Corporation:
– Unauthorized Trading & Breach of Fiduciary Duty: FINRA Arbitration Case 22-04321 (March 2022)—Client alleged unauthorized trades, requesting $100,000 in damages. Arbitrator found for the firm; no liability assigned to Griggs.
– Misrepresentation in Annuity Sale: Case 20-01789 (August 2020)—Alleged misrepresentation involving variable universal life insurance-annuity hybrid. Settled pre-hearing for $75,000 (paid by firm; Griggs did not contribute).
– Civil Lawsuit: “Smith v. Griggs” (California Superior Court, September 2021)—Swap-linked annuity exchanges challenged, $200,000 sought. Case dismissed under confidential settlement.
Although no finding of liability was made against Griggs personally, multiple claims of unauthorized trading, suitability, and product misrepresentation should give any investor pause—especially when coupled with recent allegations of failing to report material legal events while at LPL Financial Corporation.
FINRA Rules: Why Registration Filing Accuracy and Commercial Honor Matter
FINRA Rule 1122 prohibits brokers from submitting incomplete or misleading filings and requires corrections after any notice. Meanwhile, FINRA Rule 2010 demands that brokers act with high standards of commercial honor—holders of your funds should be held to the strictest standards.
Recent employment separation at LPL Financial Corporation concerned Griggs’s alleged failure to disclose both felony criminal charges and a civil judgment—two major events regulators expect to be promptly and transparently reported. Any breakdown in this process may impact investor trust, record accuracy, and your potential for recovery if your account was affected by misconduct.
Regulation Best Interest and Your Right to Recovery
Regulation Best Interest (Reg BI) became effective on June 30, 2020. It imposes the highest standard of care and transparency for broker-dealers working with retail investors. Under Reg BI, your advisor must:
– Fully disclose material facts (fees, scope, conflicts of interest)
– Apply diligence, care, and skill when recommending products
– Disclose and mitigate conflicts of interest
– Maintain robust compliance policies
Any advisor’s failure to maintain these standards—including full and timely reporting of legal and regulatory events—could form the basis for a recovery claim through FINRA arbitration. Our attorneys can help assess whether your account was subject to conflicted recommendations, misrepresentation, or other forms of investment fraud.
Our Former Wall Street Defense Lawyers Represent Investors Nationwide
As Top 2% peer-reviewed (Martindale-Hubbell AV Preeminent) and Super Lawyers-designated litigation specialists, we fight for individual investors with the insider knowledge that comes from decades defending leading financial institutions. Our 5.0-star reviews and “No recovery, no fee” policy mean you can approach us with confidence—at no upfront risk. Reviewers consistently cite our commitment, focus, and diligence in recovering funds lost due to broker misconduct or lack of compliance.
What Should You Do Next?
If you invested with Philip Griggs in Dallas, Texas, or nationwide, and have questions regarding your account, product recommendations, or communication from LPL Financial Corporation, you are not alone. All investor inquiries receive a free, confidential consultation directly with our attorneys. We can help you:
– Evaluate if your investment losses are recoverable through arbitration or other means
– Analyze potential violations of FINRA rules or Reg BI
– Develop a tailored legal strategy based on our decades of experience and insider knowledge
Speak with an attorney who has fought both sides: Call us at 1-888-885-7162 for a free consultation. Let us help you pursue recovery of your funds—bring your concerns, documents, and questions, and our attorneys will advocate for your interests throughout the process.
