FINRA Bars Former LPL Broker
The Financial Industry Regulatory Authority has barred former LPL Financial broker, John E. Simmons Jr., for failing to provide information and documents to the regulator.
The Financial Industry Regulatory Authority has barred former LPL Financial broker, John E. Simmons Jr., for failing to provide information and documents to the regulator, an automatic bar from the industry.
According to a letter of acceptance, waiver, and consent filed yesterday, Simmons’ affiliation with LPL ended in September 2020, and one month later, the broker-dealer disclosed an internal review into his alleged “involvement in a private securities transaction without notice or approval by the firm.”
FINRA reportedly sent a letter to Simmons in late February requesting information and documents relating to its investigation into the allegations. FINRA said that through his counsel, Simmons acknowledged that he received the request and would not provide information and documents “now or at any time in the future.” Simmons does not have any relevant disciplinary history.
According to his BrokerCheck profile, Simmons was registered with LPL from 2008 until 2011, and affiliated with Investors Capital Corp. until 2015. He rejoined LPL in 2015 and spent another five years at the broker-dealer.
Simmons’ BrokerCheck profile shows one customer dispute from October 2012 that was settled for $28,000. The customer alleged that he made “unsuitable recommendations and misrepresentations in connection with variable annuity and REIT investments from June 2008 to July 2009.
