Our firm is investigating LPL Financial LLC financial advisor Richard Evans Leininger (CRD# 809473), who works from Freeport, Illinois, for potential investment-related misconduct.
Financial Advisor’s Career History
Richard Evans Leininger is currently registered with LPL Financial LLC in Freeport, Illinois, where he has been registered since March 6, 2025. Before joining LPL, he was registered with The Investment Center, Inc. in Freeport from December 1991 through March 2025, and earlier with Edward D. Jones & Co., L.P. in St. Louis, Missouri from June 1975 through December 1991. His BrokerCheck report also shows the Series 7, Series 24, SIE, and Series 63 examinations.
Richard Evans Leininger Fraud Allegations and Investor Complaints Explained
BrokerCheck reflects two final regulatory events and one settled customer dispute. The recent regulatory matters center on allegations that Leininger mismarked solicited trades as unsolicited, causing inaccurate books and records, while the older customer dispute involved limited partnership sales and allegations including misrepresentation, fraud, suitability problems, and breach of fiduciary duty.
2024 Illinois Securities Department Consent Order
The Illinois Securities Department initiated Case No. 2400268 on May 8, 2024. The disclosure states that between September 2020 and August 2021, Leininger mismarked 291 order tickets as unsolicited even though the transactions were actually solicited. The matter reached a final consent resolution on January 7, 2026, and resulted in a $1,500 monetary penalty assessed against him. The report ties that conduct to inaccurate books and records and states the Illinois matter cited Section 8.E(1)(j) of the Illinois Securities Act.
2023 FINRA AWC and Suspension
FINRA initiated Docket No. 2023079974701 on October 19, 2023. The final Acceptance, Waiver and Consent states that, without admitting or denying the findings, Leininger consented to sanctions and to findings that he caused his member firm to make and preserve inaccurate books and records by mismarking order tickets as unsolicited when he had actually solicited the transactions. The sanctions included a two-month suspension in all capacities from November 20, 2023 through January 19, 2024, plus a $5,000 fine. The disclosure also says the order was not based on laws or regulations prohibiting fraudulent, manipulative, or deceptive conduct.
1986 Customer Dispute Involving Limited Partnerships
BrokerCheck also lists a settled customer dispute arising from conduct at Edward D. Jones & Co. The complaint was received on August 7, 1986 and alleged misrepresentation, fraud, violations of state and federal securities laws, suitability problems, and breach of fiduciary duty in the sale of $20,000 of Petro Lewis limited partnerships and $30,000 of Angeles Partners limited partnerships. The report lists alleged damages of $46,360, shows NASD arbitration number 86-1524, and reflects a settled disposition dated December 31, 1986. The settlement amount and any individual contribution amount are not disclosed in the entry.
Disclosure Summary
- FINRA regulatory action, Docket No. 2023079974701 — initiated October 19, 2023; final AWC; allegation that Leininger mismarked 291 solicited trades as unsolicited; disposition included a two-month suspension and $5,000 fine.
- Illinois Securities Department action, Case No. 2400268 — initiated May 8, 2024; final consent order dated January 7, 2026; allegation based on the same 291 mismarked order tickets; disposition included a $1,500 monetary penalty.
- Customer dispute while at Edward D. Jones & Co. — complaint received August 7, 1986; allegations included misrepresentation, fraud, suitability problems, and breach of fiduciary duty involving limited partnership sales; alleged damages were $46,360; disposition settled December 31, 1986.
Investors evaluating these disclosures may want to review whether recommendations were accurately documented, properly explained, and suitable for their objectives and risk tolerance. To obtain a copy of Richard Evans Leininger’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 4511 and Books-and-Records Accuracy
FINRA Rule 4511 requires member firms to make and preserve books and records as required under FINRA rules, the Exchange Act, and applicable Exchange Act rules. In Leininger’s case, FINRA said he caused his firm to create and preserve inaccurate records by marking solicited transactions as unsolicited, which is the precise type of recordkeeping failure Rule 4511 addresses.
FINRA Rule 2010 and Standards of Commercial Honor
FINRA Rule 2010 requires members to observe high standards of commercial honor and just and equitable principles of trade. BrokerCheck states that FINRA paired Rule 2010 with Rule 4511 in the 2023 action, meaning the mismarked order tickets were treated not only as a books-and-records problem but also as conduct inconsistent with the ethical standards expected of registered representatives.
FINRA Rule 2111 and Suitability Concerns
FINRA Rule 2111 is the current suitability rule and requires a broker to have a reasonable basis to believe a recommendation is suitable for at least some investors and suitable for the particular customer. The 1986 customer dispute in Leininger’s record included suitability allegations tied to limited partnership sales. BrokerCheck does not say FINRA made a Rule 2111 finding in that older matter, but the disclosure describes the kind of recommendation-based suitability concern investors often raise when complex or illiquid products are sold without a proper fit. FINRA also notes that Rule 2111 superseded the predecessor NASD suitability rule.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.