SEC Charges Former LPL Advisor With Misappropriating $1.7 Million

Posted on July 20th, 2022 at 2:39 PM
SEC Charges Former LPL Advisor With Misappropriating $1.7 Million

The Securities and Exchange Commission (SEC) has charged a former LPL advisor with misappropriating $1.7 million from at least three clients to cover personal expenses, including the purchase of a house. 

The former Georgia-based LPL advisor, Eric Hollifield, worked at LPL between October 2016 and September 2021 while additionally serving as a co-owner, managing member, and investment advisor representative of Hamilton Investment Counsel, which also was recently sanctioned by the SEC. LPL and Hamilton Investment Counsel each terminated Hollifield for failing to disclose his outside business activities (OBAs). Hollifield transferred client assets to an outside business absent the client’s permission in January 2020, according to the SEC. Hollifield siphoned the funds to his own accounts, where he used the money to cover personal expenses and eventually purchase a 37-acre property with a home for $1.7 million in Winder, Georgia, according to the SEC. 

The SEC has additionally charged Hamilton Investment Counsel and its chief compliance officer, Jeffrey Kirkpatrick, for failing to enforce the firm’s policies related to monitoring Hollifield’s outside business activities. Hamilton Investment Counsel agreed to a cease-and-desist order and a civil penalty of $150,000 while Kirkpatrick also agreed to a cease-and-desist order and a $15,000 civil penalty. 

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

Tags: eccleston, eccleston law, SEC, LPL

Return to Archive

TESTIMONIALS

Previous
Next

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

October 20, 2025
FINRA Accuses Former MML Broker of Cheating on SIE Exam

Regulators have accused a former MML Investors Services-affiliated broker of cheating on the Securities Industry Essentials (SIE) exam, according to a recent Financial Industry Regulatory Authority (FINRA) enforcement complaint.

October 17, 2025
FINRA Fines Oak Hills Securities for Private Placement Misconduct

The Financial Industry Regulatory Authority (FINRA) has censured and fined Oak Hills Securities Inc., an Oklahoma City brokerage, for multiple rule violations over five years.

October 16, 2025
FINRA Suspends Former Citigroup Advisor Over Undisclosed Business Activities

The Financial Industry Regulatory Authority (FINRA) has suspended former Citigroup representative Maximiliano Ramirez and fined him $5,000 for engaging in undisclosed outside business activities and investments.