FINRA Imposes Suspension on Ohio-Based Advisor Over Outside Investments

Posted on December 2nd, 2021 at 2:20 PM
FINRA Imposes Suspension on Ohio-Based Advisor Over Outside Investments

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has issued a one-year suspension and $12,500 fine to an Ohio-based advisor, William LeBoeuf, who worked at Merrill Lynch and Cetera Advisor Networks when the violations occurred. 

FINRA alleges that LeBoeuf collected a total of $1 million from his clients between 2017 and 2019 to invest in a software company and a private real estate fund. LeBoeuf failed to receive written approval from Merrill Lynch or Cetera, which violates FINRA’s Rule 3280 governing private securities transactions. 

FINRA further alleges that LeBoeuf emailed marketing materials to potential investors in the software company without properly explaining the risks of the strategy, which violated FINRA Rule 2210 prohibiting misleading communications with clients. According to FINRA, while LeBoeuf did not collect any compensation for raising $1 million from clients, he expected to be paid in equity in the software company so long as specific asset targets were achieved. 

LeBoeuf consented to the suspension without admitting or denying any of FINRA’s findings. 

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

Tags: eccleston, eccleston law, finra, suspension

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

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