Former LPL Financial LLC Broker James Bylenga Barred by FINRA
Posted on Tuesday, July 9th, 2019 at 8:23 pm
Erez Law is interested in speaking with investors who may have suffered losses due to investments with former LPL Financial LLC broker James Bylenga (CRD# 705143). Bylenga was registered with LPL Financial LLC in Portage, Michigan from 2016 to 2018 and previously with Comerica Securities in Kalamazoo, Michigan from 2009 to 2016.
In April 2019, FINRA barred Bylenga after he consented to the sanction and to the entry of findings that he refused to produce documents and information requested by FINRA during the course of an investigation that commenced after his former member firm amended his Form U5 reporting that it had initiated an internal review to determine if Bylenga received loans from his client(s) while associated with the firm.
In July 1989, the National Association of Securities Dealers, Inc. sanctioned Bylenga to a $3,000 fine after it was found that he, “effected 57 transactions in which it sold to customers, as principal, certain municipal securities, as set forth full in exhibit a in which each of the transactions on exhibit a, the aggregate price was not fair and reasonable taking into consideration all relevant circumstances. James bylenga consented to penalties of censure and a fine of $3,000 jointly and severally.”
Bylenga has been the subject of one customer complaint, according to his CRD report:
November 2018. “Personal representative of the customers allege that their funds were inappropriately received by the FA as loans.” The customer sought $175,000 in damages and the case was settled for $210,000. The allegations took place while Bylenga was employed by LPL Financial LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC may be liable for investment or other losses suffered by Bylenga’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.