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FINRA August 2015 Disciplinary Actions: Part IV

Mark Andrew Bullivant of Fort Myers, Florida submitted a letter of acceptance, waiver, and consent that banned him from associating with any FINRA member in any capacity. FINRA found that Bullivant refused to appear for FINRA-requested on-the-record testimony pertaining to an investigation into whether he had converted customer funds. Terry Wayne Burcin of Midlothian, Virgina submitted a letter of acceptance, waiver, and consent that fined him $5,000 and banned him from associating with any FINRA member in any capacity for ten business days. FINRA found that Burcin caused his member firm to keep inaccurate books and records by putting his name as the soliciting registered representative on variable annuity applications for clients, despite the fact the he not once met with the clients and was not involved in the sales of the annuities. Burcin acquired about $8,800 as compensation from the firm pertaining to the transactions. After receiving the compensation, Burcin wrote personal checks to the registered representative who actually [...]

By |September 18th, 2015|FINRA, Press Releases & News|
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LPL Financial Fined $11.7M For ‘Widespread Supervisory Failures’

FINRA ordered LPL Financial to pay $11.7 million in fines and restitution for what it called "widespread supervisory failures" pertaining to sales of complex products. According to the regulator authority, from 2007 to April 2015, LPL failed to adequately supervise sales of particular investments, such as exchange-traded funds, variable annuities, and nontraded real estate investment trusts. Additionally, LPL did not properly deliver over fourteen million trade confirmations to customers. LPL had no system set up to watch the amount of time customers held securities in their accounts or to enforce limits on concentrations of complex products in customer accounts. The systems that LPL did have set up to watch trading activity in customer accounts were ravaged by "multiple deficiencies." For example, LPL did not create proper anti-money laundering alerts and failed to deliver trade confirmations in 67,000 customer accounts. FINRA also penalized LPL for not supervising advertising and other communications, such as brokers' use of consolidated reports. The penalty includes [...]

By |May 13th, 2015|Press Releases & News|
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