By Kenneth Corbin
A former LPL Financial advisor who had been terminated by the firm after allegedly making racist remarks has been ordered to pay more than $800,000 in damages and fees to her former firm. The advisor, Eileen Cure, says she was blindsided by the hearing and that the arbitration panel ruled against her in absentia.
"All I can say is I got no notification of this hearing from my attorney, Finra, SEC, or LPL," Cure says. Finra is the brokerage industry self-regulatory organization that convened Cure's arbitration hearing. Finra is overseen by the Securities and Exchange Commission.
"My attorney did not show up, nor did she notify me," Cure says. "So I have hired new counsel and will see what recourse I have against this egregious settlement."
Her lawyer, Ellyn Clevenger, didn't immediately respond to phone and email messages seeking comment. LPL declined to comment on the arbitration award.
Cure and LPL parted ways in 2021 after a TikTok user posted what were purportedly group messages that Cure sent to her staff in which she allegedly said she didn't want to interview Black candidates for a position at her firm since her client base was overwhelmingly white. Shortly after leaving LPL, Cure had a brief stint as a registered advisor with Wealth Management of Kentucky. She hasn't been registered with a broker-dealer or advisory firm since January 2023.
LPL brought the arbitration claim to recover money it said that Cure owed the firm from two promissory notes it had issued in 2018 and 2019. LPL said that the outstanding principal balance on the notes of nearly $123,000 came due immediately once Cure left the firm. LPL asked a Finra forum to award it that balance plus interest, fees, and legal expenses.
The three-person arbitration panel concluded that Cure was "wholly in breach" of the promissory notes and ordered her to repay the outstanding balance of $122,574. The arbitrators also ordered Cure to pay more than $45,000 in interest on the award, Finra filing fees of $13,300, and more than $640,000 in legal fees. The panel rejected LPL's claim for additional legal fees incurred during the early stages of the proceeding.
The panel determined that Cure had received "due notice" of the hearing and opted to proceed without her present.
The controversy surfaced in July 2021 after Cure allegedly told her staff she didn't want to interview Black candidates. A TikTok user then posted screenshots of the messages.
"I wanted to tell you I specifically said no Blacks. I'm not a prejudiced person, but our clients are 90% white and I need to cater to them," the message shown in the TikTok post said. "So that interview was a complete waste of my time. So please don't second guess me or go against what I ask. Listen to me and give me what I ask for please."
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 13, 2026 15:37 ET (19:37 GMT)
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