Former broker Brian Smit entered a Letter of Acceptance, Waiver, and Consent, accepting a bar from being associated with any FINRA member in any capacity over engaging in unapproved private securities transaction in violation of his firm’s policy.
[su_spacer size=”10″]Smit entered the securities industry in April 2010, when he became associated with LPL Financial, LLC and registered with FINRA as a General Securities Representative. On August 24, 2015, LPL filed a Uniform Termination Notice for Securities Industry Registration, also known as a Form U-5, disclosing that Smit’s association with LPL had been terminated on August 3, 2015 as a result of participating in unapproved private securities transactions in violation of LPL’s policy.
[su_spacer size=”10″]In February 2016, FINRA requested that Smit appear and provide on-the-record testimony related to allegations he participated in an unapproved private securities transaction. Smit refused to provide said testimony, violating FINA Rules 8210 and 2010.
[su_spacer size=”10″]The nature of Smit’s private transactions is presently unclear. According to public records, though, Smit’s outside business activities include Pinnacle Wealth Management and Smit Holdings, LLC, which is a rental real estate business.
[su_spacer size=”10″]When a broker sells investments outside of a brokerage firm, the broker is committing an act called “selling away,” which is impermissible under FINRA rules.
[su_spacer size=”10″]If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.