FINRA Bars Former LPL Broker for Paying Taxes with Customer Funds
The Financial Industry Regulatory Authority has barred former LPL Financial broker Laura Ortega Shean for allegedly converting approximately $124,000 in customer funds to pay her taxes.
The Financial Industry Regulatory Authority has barred former LPL Financial broker Laura Ortega Shean for allegedly converting approximately $124,000 in customer funds to pay her taxes. Shean was registered with LPL from 1999 until her termination in November 2017.
FINRA claims that on six occasions between March 2017 and October 2017, Shean directed the Internal Revenue Service to withdraw funds totaling $124,000 from a customer’s brokerage account to pay her taxes.
After the misconduct was discovered, the customer was reimbursed in full by having certain transfers reversed and by Shean making additional reimbursement.
Conversion of customer funds is a violation of FINRA rules 2010 and 2150(a), which states that members must observe high standards of commercial honor and shall not improperly use customer’s securities or funds, respectively.
Shean signed FINRA’s letter of acceptance, waiver and consent without admitting or denying the findings.
