FINRA Bars Former LPL Broker for Corporate Credit Card Fraud
The Financial Industry Regulatory Authority has barred a former LPL broker for allegedly stealing $16,300 by submitting fraudulent expense reports relating to his corporate credit card.
From 2012 until 2016, Marc Ravenscroft is accused of charging business and travel-related expenses, which he later canceled, to his corporate card. He then submitted expense reports to obtain reimbursement for the canceled charges without notifying LPL that the funds had already been credited back to the card. FINRA says that Ravenscroft used the money reimbursed by LPL to pay for other personal expenses that he charged to the card.
By submitting fraudulent expense reports, Ravenscroft is accused of violating FINRA Rules 4511 and 2010, which requires broker-dealers to maintain accurate records and requires associated persons to observe high standards of commercial honor, respectively.
Ravenscroft, who held FINRA Series 6 and 7 licenses, was discharged from LPL in March 2016 after 10 years with the firm. FINRA barred Ravenscroft from practicing, which he accepted without admitting or denying the charges, according to the letter of acceptance, waiver and consent
