Drake Uplinger, a former Fidelity Brokerage Services advisor, was suspended and fined by the Financial Industry Regulatory Authority for opening or continuing to maintain outside brokerage accounts.
FINRA reports that from November 2018 through October 2021, while associated with and employed by Royal Alliance Associates Inc., The Huntington Investment Company and Fidelity, Uplinger did not obtain each employer firm’s prior written consent before opening, or continuing to maintain, as many as nine outside brokerage accounts in which securities transactions could be affected and in which Uplinger had a beneficial interest.
Uplinger also did not notify, in writing, the financial institutions at which he held those outside brokerage accounts of his association with Royal Alliance, Huntington or Fidelity.
Uplinger was an advisor with each company for one year or less and continued to open and maintain outside accounts while at each company.
He was fined $5,000 and suspended for three months.
Click here to visit The DI Wire directory page.