After an internal investigation, Eileen Cure, the advisor who allegedly told staff she will not hire Black applicants, has been terminated from LPL, the firm confirmed on Wednesday evening.
Denise Bradley, who goes by auntkaren0 on TikTok, identifies a “racist of the day” on the video-sharing platform. Bradley featured Cure after she says Cure’s staff forwarded images of the Skype comments to her.
Cure and Associates
Bradley alleges Cure told staff in a Skype message: “I specifically said no Blacks. I am not a prejudiced person but our clients are 90% white and I need to cater to them. That interview was a complete waste of my time, please don’t second guess me or go against what I ask. Listen to me and give me what I ask for, please.”
A spokesperson for LPL says: “Following our process for review of advisor conduct, Ms. Cure is no longer a client of the firm.”
Several of Cure’s staff have allegedly resigned since the comments came to light. Cure’s former husband has allegedly asked staff for their phone information and service providers, apparently to determine who on the staff leaked the messages.
In the TikTok videos, Bradley alleges Cure made retaliatory statements, threatening to not approve CPA internship credit hours if staff resign.
Cure did not respond to media requests from Financial Planning. In an interview with Investment News, she calls the allegations defamatory.
Previously, Bradley said, “The ideal outcome for me is that not only does she learn from this experience, but that she feels the loss of her employment as people have lost potential employment with her. I don’t think this is someone who made a mistake one time. … I don’t think she deserves to have a company if she’s not willing to be diverse and represent the culture and the people that she so claims to want to represent.”
There are several potential legal cases if the allegations are true, says Randall Schmidt, professor of law at the University of Chicago, who directs the Mandel Legal Aid Clinic and specializes in employment discrimination cases. He says if she rejected a Black applicant because of their race, she has violated Title Seven of the Civil Rights Act of 1964, which prohibits race discrimination in hiring.
“It’s not so much the messages, it’s whether she actually did this,” Schmidt says. “There are very, very few limited exceptions to allow a company to discriminate on the basis of customer preference, and this certainly is not one of them.”
Cure’s alleged actions could also lead to suits claiming retaliation and a hostile work environment, Schmidt says.
A spokesperson for LPL says that the company would not be liable for Cure’s alleged actions because she is an independent contractor and not an employee.
On Cure’s website was a post titled “We’re hiring CPA.” The required qualifications are CPA certification, two years of experience in public accounting in income preparation, and comfort with managing the accounting department, according to the website.
There were two rounds of interviews for the open position, and of the three finalists, one was Black. Shortly afterward, Cure allegedly sent a Skype message, wondering why she was being asked to meet with a Black candidate, the former employee says.
In a separate video, Bradley also alleges Cure is “trying to silence my voice” and shows a screenshot of another Skype message from Cure, where she allegedly says she has a meeting with attorneys and aides to both Sen. Ted Cruz and Rep. Chip Roy “to discuss this incitement to hate crimes. I do feel this will be over soon and we can get back to normal.”
Cure has 20 years of experience in the industry and has worked at LPL since 2018. Before, she worked at HD Vest Investment Services from 2006 to 2018. Her career began in 1992 at Merrill Lynch, where she stayed for two years.
In an email, Bradley says she’s happy to see swift action from LPL.
“It’s important that people understand that we (people of color) are just as capable to perform jobs as our white counterparts,” she says.