Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

Posted on October 27th, 2021 at 12:14 PM
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days. FINRA alleges that Hartlett made 22 unauthorized trades between May 2018 and February 2020 while associated with LPL. Further, Hartlett answered three compliance questionnaires and falsely claimed that he had not exercised discretionary trading authority in any client brokerage accounts, according to FINRA. 

Hartlett joined LPL in February 2018 as an advisor prior to departing the firm earlier this month, according to BrokerCheck. An LPL client opened three brokerage accounts at LPL in May 2018 with Hartlett serving as the assigned representative, according to FINRA. FINRA alleges that the client did not officially execute any documentation to grant Hartlett discretionary trading authority in the accounts. Rather, the client solely granted discretionary trading authority via oral agreement. According to BrokerCheck, Hartlett works as an advisor for International Assets Investment Management. 

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


Tags: eccleston, eccleston law, lpl, finra

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