What You Have to Know
- The advisors did not admit or deny the allegations.
Reguators fined and suspended an LPL Monetary advisor for permitting reps to electronically signal his identify on paperwork and a former LPL advisor accused of signing for purchasers.
In a single case, the Monetary Industrustry Regulatory Authority reported early this month that Timothy William Leveroni, a dealer and advisor with LPL in Braintree, Massachusetts, has accepted a two-month suspension and $7,500 high quality with out admitting or denying FINRA’s findings that he permitted registered representatives to electronically signal his identify on account paperwork.
FINRA discovered that the representatives electronically signed Leveroni’s identify on buyer accounts the place he was the consultant of file, utilizing a shared e mail deal with that he and the opposite representatives had entry to.
“Not one of the clients complained. The paperwork included required data of his member agency, together with new account purposes and account replace kinds. Consequently, Leveroni induced the agency to take care of inaccurate books and data,” FINRA states on its BrokerCheck device.
Leveroni, who has been registered with FINRA since 1977, allowed the registered representatives to falsify his signature on greater than 100 paperwork from Could 2020 by way of March 2021, in response to the letter of acceptance, waiver and consent that he signed in January. His two-month suspension begins in March.
Within the different case, former LPL advisor Bruce Allen Rathkamp, who resigned from the agency in Could 2022 after allegations he electronically signed account paperwork on behalf of consumers, has accepted a $5,000 high quality and a four-month suspension from FINRA.