Illinois Broker Linda Sokol Francis Barred by FINRA for Failing to Cooperate with Investigation

Veteran broker Linda Lucille Sokol Francis (CRD# 811073), based in Western Springs, Illinois, has been permanently barred from the securities industry. According to a March 25, 2025, action by the Financial Industry Regulatory Authority (FINRA), the bar followed her refusal to provide documents during an investigation into her May 2024 termination (Case #2023077019901).

Sokol Francis consented to the sanction through a Letter of Acceptance, Waiver and Consent (AWC), without admitting or denying the findings. Sonn Law Group is currently evaluating potential claims related to this case. Investors who believe they were affected by Sokol Francis’s conduct are encouraged to reach out for a free consultation.

Why FINRA Took Action

FINRA’s action against Sokol Francis stems from a case in which the regulator cited violations of FINRA Rule 8210, governing the obligation to cooperate with regulatory requests, and Rule 2010, which requires members to uphold high standards of commercial honor and ethical conduct.

The investigation was prompted by a Form U5 termination disclosure filed by LPL Financial, which reported that Sokol Francis had improperly used discretion in client accounts — meaning she executed trades without obtaining the client’s prior written approval. While discretionary trading may be permitted under certain conditions, it must be explicitly authorized in writing. Operating without that consent can expose clients to unwanted risk and erode trust in the brokerage relationship.

By refusing to provide documentation or answer FINRA’s inquiries, Sokol Francis not only obstructed the investigation but also violated a foundational rule of regulatory cooperation. As a result, she was barred from the industry indefinitely and in all capacities, effective immediately upon the issuance of the AWC.

Broker Credentials and Firm History

Sokol Francis began her brokerage career in 1975 with Waddell & Reed, where she remained registered for more than four decades. In 2021, she transitioned to LPL Financial LLC, maintaining registration there until her termination in May 2024. She is no longer registered with any FINRA member firm.

During her time in the industry, Sokol Francis passed a range of qualification exams, including the Series 6, Series 7, Series 22, Series 63, Series 65 and the Securities Industry Essentials (SIE) exam. Her registration history shows a long-standing presence in Western Springs and Brookfield, Illinois.

Pattern of Prior Disputes

Sokol Francis’s professional record includes multiple client complaints and regulatory concerns, in addition to the FINRA bar. She has been named in five customer disputes, with allegations ranging from unsuitable investment recommendations to misrepresentation and improper sales of variable annuities. One case involving the sale of real estate limited partnerships resulted in a $4,000 arbitration award to the claimant.

Other complaints were denied, closed with no action or involved clients alleging that financial recommendations did not align with their needs or circumstances. While not all resulted in formal sanctions, they contribute to a broader pattern of investor dissatisfaction and compliance concerns throughout her career.

In addition, Sokol Francis’s 2024 termination from LPL Financial was based on allegations that she exercised discretion in client accounts without written authorization, which ultimately led to the FINRA investigation and permanent bar.

Red Flags for Investors

While not every account issue signals wrongdoing, the following patterns may suggest that a broker was acting outside of firm policy or regulatory standards. If any of these apply to your experience with Linda Sokol Francis, it may be worth consulting a securities attorney:

• Trades were placed in your account without your prior written authorization
• You noticed transactions that you did not explicitly approve or discuss
• You received limited or delayed explanations about account activity or investment decisions
• Your broker discouraged you from putting instructions or complaints in writing
• You learned about your broker’s termination or regulatory history only after the fact
• Your advisor was involved in multiple customer disputes over investment suitability or misrepresentation
• You were told a product “couldn’t lose value” or were sold an annuity or limited partnership that didn’t align with your financial goals

Concerned About Your Investments? We Can Help

If you invested with Linda Sokol Francis through LPL Financial or Waddell & Reed, and suspect improper activity, unauthorized trading or misleading advice, you may be eligible to pursue financial recovery through FINRA arbitration.

Sonn Law Group represents investors nationwide in cases involving financial advisor misconduct, regulatory violations and breach of fiduciary duty. We advocate for individuals, families and institutions and operate on a contingency fee basis, with no fees owed unless we recover compensation.

To schedule a free, confidential consultation, call us at 833-912-3000 or complete our online contact form.