Former RBC Advisor Suspended for Preparing to Inherit $4 Million from Client

Posted on June 18th, 2021 at 10:44 AM
Former RBC Advisor Suspended for Preparing to Inherit $4 Million from Client

From the Desk of Jim Eccleston at Eccleston Law LLC:

Clark Cleary, a 26-year industry veteran in Maryland, has agreed to a one-year suspension and $10,000 fine after the advisor allegedly failed to disclose that he was earmarked as executor as well as the beneficiary of a late client’s estate. 

According to a letter of settlement accepted by the Financial Industry Regulatory Authority (FINRA), Cleary failed to disclose or deliberately concealed that he had been named executor of an estate in 2017 and intended to inherit $4 million. Cleary’s conduct violated FINRA’s rule forbidding advisors from engaging in an outside business activity without reporting it to their employers. According to FINRA, Cleary was expected to disclose the information to two firms, RBC wealth Management and UBS Wealth Management. 

Clearly is now employed at CIC Wealth, which is a registered investment advisor based in Rockville, Maryland. After joining UBS in 2011, Cleary left for RBC in 2019. In September 2019, RBC filed a U5 termination form stating that Cleary’s exit was related to “a difference in business philosophy” and failing to disclose the fiduciary relationship. According to BrokerCheck, Cleary previously had been fined $35,000 for similar conduct by a Virginia state agency responsible for monitoring advisors. 

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

Tags: eccleston, eccleston law, rbc, advisor suspended

Return to Archive

TESTIMONIALS

Previous
Next

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

February 10, 2025
Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

FINRA has fined Anthony J. Seifert, a former Merrill Lynch advisor based in Mount Pleasant, South Carolina, $5,000 and suspended him for 20 days.

February 7, 2025
Court Finds American Airlines Breached Fiduciary Duty in 401(k) ESG Case

A federal court ruling against American Airlines has brought attention to the role of environmental, social, and governance (ESG) factors in managing retirement plans.

February 7, 2025
SEC Charges LPL Financial with Anti-Money Laundering Failures

The Securities and Exchange Commission (SEC) has charged LPL Financial LLC, a broker-dealer and investment adviser, with multiple violations of anti-money laundering (AML) regulations.