FINRA Bars LPL Advisor for Non-Cooperation in Overdraft Investigation

Posted on June 20th, 2023 at 1:19 PM
FINRA Bars LPL Advisor for Non-Cooperation in Overdraft Investigation

From the desk of Jim Eccleston at Eccleston Law 

The Financial Industry Regulatory Authority (FINRA) has banned a former advisor from LPL Financial due to his refusal to cooperate with an investigation. Andrew Kamarow, an experienced professional in the industry with 12 years of tenure, was based in West Hartford, Connecticut.

FINRA had investigated allegations that Kamarow processed automatic clearing house (ACH) instructions from his personal account and used the resulting credit to conduct trades, even though he purportedly knew the account did not have sufficient funds. Despite multiple requests in February and March, Kamarow declined to provide the requested information, documents, and on-the-record (“OTR”) testimony.

LPL discovered in an internal review that Kamarow also borrowed money to make trades, resulting in losses to his personal account. The conclusions of the internal review were disclosed in an amended Form U5. 

Kamarow's bar was implemented by FINRA, as stated in the letter of acceptance, waiver, and consent (“AWC”), which was finalized on June 15. Kamarow agreed to the bar without admitting or denying the allegations.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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