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Former LPL Financial LLC Broker Mark Lamkin Recovery Loss Options

Posted on Tuesday, July 9th, 2019 at 8:12 pm    

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There are options for customers of former LPL Financial LLC broker Mark Lamkin (CRD# 2121510) who suffered investment losses. Lamkin has been registered with Calton & Associates, Inc. in Louisville, Kentucky since December 2018. Previously, Lamkin was registered with LPL Financial LLC in Louisville, Kentucky from 2001 to 2018, when he was terminated regarding, “Allegations that advisor received and/or benefitted from loans from Firm customers, failed to disclose and inadequately disclosed outside business activities, and personally engaged in and solicited other investors to participate in private investments without obtaining Firm approval.”

Additionally, Lamin was registered with PNC Brokerage in Pittsburgh, Pennsylvania from 1994 to 2001, and he was terminated regarding, “PNC Brokerage Corp. was investigating the nature and purpose of funds transferred between Mr. Lamkin and a work associate. Although this investigation was inconclusive PNC Brokerage Corp. Determined that Mr. Lamkin failed to report to management that a work associate accessed Lamkin’s bank account without Lamkin’s knowledge.”

In March 2020, FINRA sanctioned Lamkin to a $7,500 penalty and fine and he was suspended from the securities industry for three months starting on April 20, 2020. According to FINRA, “Lamkin consented to the sanctions and to the entry of findings that he borrowed a total of $1,265,000 from a customer whose account he serviced without notifying his member firm or obtaining its written approval. The findings stated that Lamkin’s customer was a longtime friend who was also a customer of the firm. The first loan in the amount of $740,000, was made via a promissory note signed by Lamkin’s wife and secured by a mortgage identifying Lamkin and his wife as the borrowers and signed by both. That loan has been repaid in full. The second loan, in the amount of $250,000, was negotiated between Lamkin and the customer and memorialized by a note signed by Lamkin’s wife. The third loan, in the amount of $275,000, was made to an LLC of which Lamkin was a member and initially was memorialized by a note signed by Lamkin and his business partner. While the second and third loans have not been repaid in full, they are currently in repayment. The customer was not Lamkin’s family member and the firm’s WSPs prohibited registered representatives from borrowing money from a customer unless the customer was a family member. The findings also stated that in annual compliance questionnaires Lamkin falsely affirmed that neither he nor any related person or entity had borrowed or loaned any money or securities from or to another individual or entity.”

In May 2019, the Common Wealth of Kentucky Public Protection Cabinet Department of Financial Institutions made the following allegations against Lamkin: “Receiving compensation for BD & advisory services that he was not entitled to receive / commission sharing.” Lamkin is awaiting a hearing on this matter.

Lamkin has been the subject of three customer complaints between 2018 and 2019, according to his CRD report:

April 2019. “Customer alleges misrepresentation and unsuitable investment recommendations.” The case is currently pending. This case is regarding real estate investment trusts (REITs) and took place while Lamkin was registered with LPL Financial LLC.

January 2019. “Misrepresentations.” The case was settled for $15,000. This case was regarding index annuities and took place while Lamkin was registered with LPL Financial LLC.

August 2018. “Customer alleges excessive selling of annuities, misrepresenting or failing to disclose material facts, unsuitability of products and alteration of account profiles.” The customer sought $153,554 in damages and the case was settled for $61,852.07. This case was regarding real estate securities and variable annuities and took place while Lamkin was registered with 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 Lamkin’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.